Economic Remains Slow in Italy and Spain

 Recent figures released on the economic state of both Italy and Spain imply that economic progress remains sluggish in both countries. According to the Italian National Statistics Institute, Italy’s Gross Domestic Product increased 0.3% from April to June. This is 0.2% increase from the first quarter. The Spanish central bank has predicted a Spanish Domestic Product growth of 0.2% during the same quarter, having increased by 0.3% the previous quarter.

The Spanish central bank also called on eurozone leaders for more decisive action in regards to the debt crisis. This data from both countries indicates that economic growth is still weak, and that the worst has still not been seen in the European debt crisis. In the bank’s report, domestic measures were also advocated to make planned structural reforms sooner rather than later in order to help minimise the country’s deficit as soon as possible.

The economy in Italy also seems to have worsened since June. These signs of slow recovery are especially of concern as tax revenues are lowered in times of weak economic growth, making it more difficult for the nations to dig themselves out of their debt-ridden holes.

 

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