The Bank of Spain lowered economy forecast for 2012 over euro area debt crisis. The estimate GDP changes from 1.5% growth to -1.5% decrease. According to report debt crisis among euro area lowered investor’s confidence and access to bank loans in Spain, that reflects in lower inner demand. Central Bank estimates only 0.2% GDP growth in 2013. The bank warned also from unemployment rise. Currently jobless rate stands at 21.5%. Estimated deficit for 2011 will probably exceed 8% of GDP. In that situation taxes rise is necessary in order to avoid Spanish bond yields increase.
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