Spain's economy is still failing to show signs of recovery, with negative growth rates reported during the first quarter of 2012, says IESE Prof. Javier Díaz-Giménez
of the Department of Economics. The latest data confirm a "W"-shaped recession, with social security affiliation rates mirroring these negative GDP growth rate trends.
Forecasts for 2013 are also looking grim, with little expectation for growth in Spain until 2014. The employment rate may begin to gradually pick up then, with unemployment rates finally decreasing in the wake of this, he says.