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Spain’s GDP Drops 0.4% in Second Quarter

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By Douglas A. McIntyre Updated Published
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The INE, Spain’s official statistics bureau, reported that its preview estimate of Quarterly National Accounts showed GDP off 0.4% in the second quarter compared to the first. It also announced that, “The interannual rate of the Gross Domestic Product decreased 1.0% in the second quarter of 2012.”

Spain’s economic contraction is such that its borrowing costs are likely to remain high — probably 7% for 10-year sovereign paper. The information also offers little hope that Spain’s current unemployment rate of 24.6% will come down soon.

Spain is slated to get 100 hundred billion euros to bail out its banks. There are discussions among its neighbors and the IMF to provide additional aid to help the country with its deficit. The central government has pushed out ambitious austerity goals to 2014. Not a single on of these will right an economy that is in near free-fall.

For the time being, there is no saving Spain.

Douglas A. McIntyre

Photo of Douglas A. McIntyre
About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

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