Things just never seem to get any better for poor Spain. Unemployment, already bad, has apparently climbed even more, with the just-released new jobless rate for the last quarter of 2011 shooting up to 5.3 million from the previous number of 4.9 million. That’s an increase from 21.5 percent to 22.8 percent. That the figure was lower than the 5.4 million estimated by Spain’s finance minister yesterday is hardly a consolation.
Of course, Spain’s new Popular Party government still says they can fix it although, from what I hear, less and less Spaniards actually believe them (and they’ve only been in office for just over a month).
Let’s face it though, their only plan so far has been to implement ever further austerity measures and, as they will never work, where does that leave poor Spain under the Popular Party? Probably worse off than before, the longer there governance goes on.
Reports also say Spain’s economy is likely to get even worse in 2012 as, with so many Spaniards unemployed, there have been even bigger cuts in the gross domestic product (GDP).
In fact, it’s pretty much a guarantee Spain will slide back into recession this year. Sad news all around.