Latest unemployment figures released this morning show unemployment levels is Spain are at 17.93%, this is approximately 1% better than many analyists have predicted. Spain does have many similarities with the UK in terms of the property bubble and current account deficit and although it is expected that England will be officially come out of recession today, Spain isn´t expected to have positive GDP figures until the end of 2010.
There is also the question of why the Spanish Ministry of Housing suggests that there has only been a drop in house prices of 6% from boom times, this is at odds with with what we have seen and know to be correct.
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