By Roland Li | May 7, 2012 8:46 PM IST
Spain Industrial Output Falls 7.5% In March
Spain Industrial Output Falls 7.5% In March
Spain, the euro zone's fourth-largest economy, said Monday industrial output decrease by 7.5 percent in March compared to the prior year, following sharp unemployment and shrinking gross domestic product, according to official data.

The productivity drop was the highest in nearly three years, exceeding February's 5.3 percent fall and January's 4.4 percent drop, the National Statistic Institute said Monday. Germany and France, the euro zone's largest economies, also had factory output contract in March.
Last week, officials reported Spain's GDP fell 0.3 percent in the first quarter, the same decrease in the fourth quarter of 2012.
High unemployment has plagued the country, leading to labor strikes and protests against austerity measures. Spain's unemploment rate rose to 24.4 percent in the first quarter, up from 22.85 percent in the fourth quarter, the worst in the euro zone.
In April, Spain's interior minister Jorge Fernandez Diaz proposed a ban on protests that "seriously disturb the public peace," but officials are unlikely to enforce the ban. During the same month, Standard & Poor's cut Spain's credit rating to BBB+ from A, the second downgrade this year.
Spain's government forecasts a 1.7 percent fall in GDP this year, following 0.7 percent growth in 2011.
To contact the editor, e-mail:
- Switzerland buries U.S. tax law, banks seen at risk
- Porsche plaintiffs bolstered by court ruling: lawyer
- Lukaku The Subject Of German Interest as €19m Bid Looms
- EU strikes deal on long-term budget, but approval in doubt
- Bernanke says Fed likely to reduce stimulus this year
- Bank of England's King makes last call for more stimulus, bank reform
- BANKING - FRANCE: BNP Paribas sees profits slump 45% in first quarter
- Movers & Shakers: Monday’s movers: Deutsche, BNP Paribas
- BNP Paribas to sell Egyptian bank
- FRANCE: French banks hit by downgrade as consumer confidence stalls
- S&P downgrades BNP Paribas, 2 other French banks
- Why the eurozone crisis can and will be solved





