Zapatero warns on Spain's growth prospects

Spanish prime minister Jose Luis Rodriguez Zapatero has cautioned the country that economic growth is unlikely to change much during the third quarter of the year from that experienced in the previous three-month period.

Reuters reported on a speech Mr Zapatero made to parliament, where he warned that the Greek economic crisis could have a knock-on effect in his own nation.

"We have a situation of tension, especial[ly] over Greece, which could affect our growth forecasts," the news provider quoted him as saying.

The Spanish property market has been in decline since the global economic downturn began, with the most recent figures from the country's national institute of statistics revealing that the annual rate of sales has dropped sharply between July this year and the same month in 2010.

According to the organisations, real estate transactions for residential assets fell by 36.3 per cent during this time, while the number of property transfers carried out was 24.1 per cent lower over the same period.
 

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