VOICED: Espana vuelve a la recesion

Spain has officially re-entered a recession, as announced on Monday. Since the 2008 housing bubble burst, Spain has fluctuated between weak growth and recession. The GDP fell by 0.3% in the first quarter, mirroring the last quarter of 2011. This recession is due to significant public account adjustments and intensified economic restructuring. Standard & Poor's downgraded nine Spanish banks and the sovereign rating of Spain. The government predicts a 0.2% GDP growth in 2013 after a 1.7% decline this year. The recession's duration depends on internal adjustments and external conditions, especially within the EU. Construction is stagnant due to austerity measures by Mariano Rajoy's government, aiming to reduce the deficit. Unemployment has hit a record 24.44%, increasing social unrest.

What was the GDP change in Spain during the first quarter of the year?

• 0.3% increase

• 0.3% decrease

• 1.7% increase

• 1.7% decrease

Which agency downgraded the ratings of nine Spanish banks?

• Standard & Poor's

• Moody's

• DBRS

• Fitch

What is the expected GDP growth for Spain in 2013 according to the government?

• 0.2% increase

• 1.5% increase

• 1.0% increase

• 0.5% increase

What is the main reason for the stagnation in the construction sector in Spain?

• Environmental regulations

• Strict austerity measures

• High material costs

• Lack of skilled labor

What was the unemployment rate in Spain during this period?

• 20.44%

• 22.44%

• 24.44%

• 26.44%