Spain sees more firms close down
Source: Agencies |
August 8, 2012, Wednesday
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Print Edition
Print Edition
THE number of companies operating in Spain fell for a fourth straight year in 2011 to a five-year low, highlighting the impact of the global crisis that has tipped the country into recession and made one in four jobless.
The national statistics institute (INE) said yesterday the number of companies active in the eurozone's fourth largest economy fell by 1.6 percent last year to 3.199 million, marking the fourth consecutive year of contraction.
The end of a multi-billion-euro property boom in Spain in late 2007 followed by the escalation in the eurozone debt crisis in the last two years have plunged the country into recession and pushed up the government's borrowing costs to their highest since 1999.
"The sectors in which most companies stopped operating in 2011 were construction (-13.2 percent), specialist construction (-10.2 percent) and architecture, engineering, drafting and technical analysis (-7.3 percent)," the INE said.
The national statistics institute (INE) said yesterday the number of companies active in the eurozone's fourth largest economy fell by 1.6 percent last year to 3.199 million, marking the fourth consecutive year of contraction.
The end of a multi-billion-euro property boom in Spain in late 2007 followed by the escalation in the eurozone debt crisis in the last two years have plunged the country into recession and pushed up the government's borrowing costs to their highest since 1999.
"The sectors in which most companies stopped operating in 2011 were construction (-13.2 percent), specialist construction (-10.2 percent) and architecture, engineering, drafting and technical analysis (-7.3 percent)," the INE said.
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