27 Dec '11, 12am

Spain to fall back into recession early next year: Minister

Spain to fall back into recession early next year: Minister

Spain's new Economy Minister Luis de Guindos arrives at the Moncloa Palace for the new Spanish government's first cabinet meeting. -- PHOTO: AP MADRID (AP) - Spain will slide back into recession early next year with the current quarter and the first of 2012 both registering negative growth, new Economy Minister Luis de Guindos said on Monday. Mr De Guindos said he expects the economy - the euro zone's fourth largest - to contract by between 0.2 per cent and 0.3 per cent on the previous quarter in the final three months of this year and again in the first quarter of next year. He said the outlook for next year was poor. 'Let nobody be fooled, the next two quarters are not going to be easy either in terms of growth or employment,' Mr de Guindos said. Spain began to emerge from a near two-year recession last year. It had two successive quarters of growth in 2011 before postin...

Full article: http://www.straitstimes.com/BreakingNews/Money/Story/STIS...

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