Spain Recession to Continue In 2010

On the same day as the UK announced it has formerly exited the recession, the International Monetary Fund (IMF) have confirmed that Spain will remain in recession throughout 2010, with low growth forecast for 2011.

The International Monetary Fund, IMF, still thinks Spain will be the only developed country to show no growth in 2010, expecting it to shrink by 0.6%.

There is increasing concern in particular over the level of property related debt in the construction industry that is currently estimated at over 320€ billion.