RealNews

Spain's central bank predicts sharp economic downturn

The Bank of Spain said Tuesday it expects economic growth to slow sharply this year and next due to international financial turmoil, and the country’s once buoyant housing market to suffer a sharp correction. In a report for the Spanish finance ministry, the central bank brought its forecasts into line with those of private-sector economists: it lowered its 2008 gross domestic product growth forecast to 2.4 percent from 3.1 percent, and said it expects GDP to grow 2.1 percent in 2009. Spanish GDP grew by 3.8 percent in 2007. Full Story

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