Spanish bank predicts 26-pct unemployment for country in 2013

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The rate is above of the current figure of 24.63, the Spanish media reported. Job losses would be 0.7 percent in 2012 and 0.2 percent in 2013, the report states.

The report says that the Spanish economy will contract 1.4 percent in 2012, slightly higher than the 1.3 percent in its earlier predictions.

The report also predicts that GDP will contract 0.4 percent in the last quarter of 2012 which would imply that the Spanish economy accumulates four consecutive¹ quarters of declines.

Regarding Europe, the report says that the euro zone economy will grow 0.3 percent in 2013, which is below the previous 0.9 percent forecast by the entity².

The report states that the euro zone economic problems will start to disappear if the measures agreed at the European Union summit in June along with the sovereign debt purchase measures announced by the European Central Bank are implemented³.

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