Spain’s economy contracts

Madrid, May 1 (IANS/EFE) Spain’s economy contracted 0.50 percent in the first quarter of this year, or three-tenths of a percent less than in the final quarter of 2012, the National Statistics Institute, or INE, said Tuesday.

The gross domestic product contracted 2 percent in year-on-year terms in the January-March period, or one-tenth of a percent more than in the prior quarter.

Spain’s economy has now contracted for seven consecutive quarters, the INE said.

GDP began falling in the third quarter of 2011 after staging a recovery that quickly stalled.

The drop in GDP in the first quarter of this year was caused by weak consumer spending that was only partially offset by a positive contribution from the export sector, the INE said.

The Bank of Spain estimated last week that first-quarter GDP would show a contraction of 0.50 percent.

Both the INE and the central bank agreed that exports were boosting growth in the economy while consumer spending continued dropping.

The Bank of Spain warned that household spending was unlikely to turn around in the short term due to a low savings rate, a drop in disposable income, high debt levels and labour market uncertainty.

—IANS/EFE

rd

IANS 2013-05-01 10:28:40

[+]




Featured

The Enver Creek Robotics Club prepares for a recent competition. The club is in Anaheim this week competing at the worlds. Submitted photo via Surrey Now.

Surrey robotics team off to the world championships

KATYA SLEPIAN SURREY NOW SURREY — It’s a long way from a club in Surrey to the world robotics championships but having already gotten there…
Continue Reading »

Canada-India-Sikhs-Whites

Community outraged over ‘racist’ poster making rounds in Brampton

VANCOUVER DESI Members of the Brampton community have taken to Twitter to express their outrage over a crude and “racist” poster filtering through the city….
Continue Reading »

Crime-Vancouver-BC

Surrey Six trial: Ex-gang leader Michael Le fails to get ban on his name and names of Triads for cross-examination

KEITH FRASER VANCOUVER DESI Former Red Scorpions gang leader Michael Le, arguing that there were threats against his life, has lost a bid to have…
Continue Reading »

LOCAL NEWS

The Enver Creek Robotics Club prepares for a recent competition. The club is in Anaheim this week competing at the worlds. Submitted photo via Surrey Now.

Surrey robotics team off to the world championships

KATYA SLEPIAN SURREY NOW SURREY — It’s a long way from a club in Surrey to the world robotics championships but having already gotten there…
Continue Reading »

How to fix the foreign-workers program

TERRY GLAVIN OTTAWA CITIZEN It’s hard enough to keep track of all the scandals and scoundrel-outings that are now associated with the federal Temporary Foreign…
Continue Reading »

Siddharth

Indo-Canadian film Siddharth wins Best Film at Beijing International Film Festival

HINDUSTAN TIMES An Indo-Canadian film project, Siddharth, won the best film award at the 4th Beijing International Film Festival (BIFF), ahead of favourite, China’s martial…
Continue Reading »

Don't Miss...

NRI diaspora

Bride dumps addict NRI groom on wedding day

VANCOUVER DESI In Jalandhar, a  city dominated by NRIs, a woman dumped her newly wedded NRI husband after becoming suspicious that he was a drug…
Continue Reading »

Justin Bieber

Narendra Modi gets more ‘NO’ votes than Justin Bieber in TIME poll

IANS New Delhi – BJP prime ministerial candidate Narendra Modi had many more “NO” votes than Canadian pop singer Justin Bieber and polled far fewer…
Continue Reading »

Religion

British tourist to be deported from Sri Lanka for sporting a Buddha tattoo

THE ASSOCIATED PRESS COLOMBO, Sri Lanka — Sri Lankan authorities will deport a British tourist for having an image of Buddha tattooed on her arm,…
Continue Reading »

India-Australia

Indian student granted asylum in Australia because he’s gay

IANS Sydney – A gay Indian student, who fled his country to escape his oppressive family and an arranged marriage, has been granted refugee status…
Continue Reading »

Desi Dad

Single dad smuggles daughter in suitcase from Morocco to Spain (w/video, photos)

CEN AGENCY A Moroccan dad who tried to smuggle his daughter into Spain by hiding her in a suitcase so that she could have a…
Continue Reading »


Bollywood Latest

Siddharth

Indo-Canadian film Siddharth wins Best Film at Beijing International Film Festival

HINDUSTAN TIMES An Indo-Canadian film project, Siddharth, won the best film award at the 4th Beijing International Film Festival (BIFF), ahead of favourite, China’s martial…
Continue Reading »

Bollywood

Gallery: Bollywood stars keep their date with the ballot box

VANCOUVER DESI Bollywood stars Aamir Khan, Shah Rukh Khan, Amitabh Bachchan, Aishwarya Rai and hubby Abhishek Bachchan, Farhan Akhtar and Sonam Kapoor were among a…
Continue Reading »

Film Review

Kaanchi: Epic tale of women’s empowerment (w/trailer)

SUBHASH K. JHA IANS  Film: “Kaanchi”; Cast: Mishti, Kartik Aaryan, Chandan Roy Sanyal, Mithun Chakraborty, Rishi Kapoor; Directed by Subhash Ghai; Rating: **** Subhash Ghai…
Continue Reading »