Spain cuts GDP forecast for 2013

MADRID (MarketWatch) -- The Spanish government on Friday projected gross domestic product would rise 2.5% in 2012, against prior forecasts of 2.9%. Growth is expected to fall 0.3% this year. For 2013, GDP is expected to fall to 2.7%, against 3.1% in a prior forecast. It sees unemployment at 19.4% for this year, 18.9% for 2011, 17.5% for 2012 and 16.2% for 2013. The government stuck to its debt-to-GDP target of 3% for 2013, which is required for euro area membership. It sees debt to GDP at 4.4% in 2012 and 6% for 2011.

http://www.marketwatch.com/story/spain-cuts-gdp-forecast-for-2013-2010-05-28

Way too optimistic - as every government projection...And by the way no growth cuts for 2010 and 2011

 

They're not alone. the Fed is a bunch of monkeys, the IMF is clueless and the ECB is a troop of muppets. All of them are clueless academics.

 

you think the spanish care? they are all eating tapas and taking siestas everyday

 

how does ~20% unemployment in Spain translate to the one in US? in US officially it is 10%, but shadowstats.com has two aternatives at 17% and at 22%. which one is most analogous to that of Spain?

 

the shadow stats in spain would 30 or 40.

 

Before the melt down, Spain had 2.5% - 3.0% GDP growth, and unemployment around 8% - 10%. So unemployment is double but they expect to maintain GDP growth? Productivity gains FTW?

And when they say debt-to-GDP ratio of 3%, what are they talking about? Spain's debt-to-GDP is way, way higher than that. Do they mean growth in the debt-to-GDP ratio?