Economic Update Dutch version
Economic signals suggest that the economy is still at amber. Consumer confidence dropped to a point lower than the trough in 2009, exports declined in October for the first time in two years and unemployment is back at the peak of January 2010.
In 11Q3, export growth managed to keep the Spanish economy out of recession. But the available economic data for 11Q4 point to GDP contraction in that quarter. For the first quarter of this year we also expect GDP to fall.