Spain under Trouble

Worsening economic conditions are severely affecting Spain and so are the officials worried to see an increase in the jobless rate till the next year.

If the report issued by the Organization for Economic Co-operation and Development (OECD) on Tuesday is studied, one will learn that the officials are expecting the jobless rate to rise to 26.9 percent in the year 2013, which means that the country by that year, will have more than 6 million people out of work, reason of which is only one: Spain's worsening economic conditions.

According to the estimates of the experts, Spain's Gross Domestic Product (GDP) is being expected to decline by 1.3 percent in 2012 and 1.4 percent in the following year, with unemployment rate to be standing at 25 percent in the year 2012 resulting which, the OECD experts are predicting that Spain's unemployment will drop slightly in 2014 to 26.8 percent.

Anyhow, the latest predictions for this year are far more optimistic than the ones that were made in May, so hopes are higher to see the things on a better side by the year 2013 despite the fact that the forecasts for the year are considerably worse.