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HSBC: Spain and Cyprus will be the only two EU member States in recession by 2014
08 April 2013 @ 15:29

SPAIN and Cyprus are the only EU countries currently in recession, according to British bank HSBC.

In 2012, Spain's GNP suffered a fall of 1.4 per cent and economic activity is expected to drop further this year, by another 1.9 per cent – and even next year is not looking good with a predicted GNP reduction of 0.2 per cent despite over-optimistic claims to the contrary by the Spanish government.

Spain seems to believe that in 2013, the GNP will only fall by 0.5 per cent and next year will grow by 1.2 per cent.

And president Mariano Rajoy claims that by next year, the country will start to create employment again.


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