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OECD revises Spanish GDP forecast downwards

MADRID: The Organisation for Economic Cooperation and Development, OECD, has issued a more pessimistic forecast for the Spanish economy, saying GDP will fall of 4.2 percent this year and 0.9 percent next.

This compares to the earlier forecast of 0.9 percent this year and 0.8 percent next.

Their latest report also recommends that banks with problems should declare themselves bankrupt, and that the majority of the measures put in place by the Spanish government to fight the recession be removed next year.

Souce: Typically Spanish - Business

For more information contact Nicholas Fogarty, Market Development Manager, New Zealand Trade and Enterprise (NZTE), Madrid, Spain.

1 March 2010

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