Spain fears looming recession

Spain is close to recession, budget minister Cristobal Montoro warned on news that Spanish industrial production fell seven per cent in November from the previous year – the most in over two years. The decline had been forecast at just over the five per cent mark after a fall of 4.2 per cent in October. The Spanish government brought in the new year with a range of planned austerity measures after learning that the budget gap will be a third larger than expected.