Spanish Q4 GDP Declines At Fastest Pace Since 2009

Tyler Durden's picture

With the most recent Spanish data in retail sales, house prices, manufacturing, deficit and bad loans all confirming depression-level activity, or lack thereof, there was just two major metrics still missing: GDP and employment. Today we got Q4 GDP from the BDE, which declined 1.7% Y/Y, and 0.6% from Q3. This was the worst year over year deterioration in the overall economy since Q4 2009 when the country was reeling from the Lehman bankruptcy global aftershock. We just need to get the unemployment number, which will be well north of 26%, for the picture of how the country with the ECB-backstopped and thus soaring bond curve is truly doing.

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lizzy36's picture

Unpossible.....MONTI said the crisis is over.

GetZeeGold's picture



Can't be a crisis.......they went green.


HelluvaEngineer's picture

The smart money is looking at the second derivative, which is obviously trending higher and therefore bullish.

GetZeeGold's picture



We bought insurance for our credit default theory.....we should be fine.

Let The Wurlitzer Play's picture

So we should go long the Euro now and Spanish debt?



Dareconomics's picture

Yes, the worse the real numbers get, the more likely it is that Spain will request a bailout sending its markets surging. It's the new normal:

max2205's picture

And the numbers are fake!

EscapeKey's picture

Everyone knows that a double negative is good. Rally on!

SheepDog-One's picture

Just throw about $50 billion worth of peoples future at it.... that seems to cure everything, however temporarily. Hey as long as a politician or banker can be saved, that's all that matters.

W74's picture

Enemployment in the 40s you say?

How will their Gen X and Yers ever develop skills for the workplace?  How will they form households, get married an repopulate the Euro population without troublesome immigration?  Answer: they won't to either.

Dan Conway's picture

It will be pretty easy for the muslims to reconquer this country.

insidious's picture

Spanish ETF (EWP) up 55% since its August 2012 low of $20.79. Stock markets everywhere trading efficiently on nothing but fundamentals. :)

azzhatter's picture

but....but... Draghi says it's all fixed??

Notarocketscientist's picture

Perhaps he meant it's fixed... as in it's 'fixed' like a boxing match is 'fixed'

bonzo112358's picture

No way this is correct.  Since the beginning of this rally CNBC talking heads have been saying that the Euro Zone is stabilizing.  And they be way much more smarter than people others are.

EscapeKey's picture

Everything eventually stabilizes at zero.

youngman's picture

Yes ..the last couple of days there have been many people saying that the EU is fixed..stable...saved...whatever....their bonds are selling....huh????  How??? the Italian Bank above...there is so much crap...going on "off the books"......when this comes out in the wash....heads will roll....literally....but many jets will fly the criminals to safe havens I am sure before hand...

Notarocketscientist's picture

It is getting far worse - but take solace in the fact that the worst is over. 

Feel free to quote me on that

Super Broccoli's picture

i'm so sick of europe ! i'm 30 and never heard anything else than "we're in a crisis but recovery is coming soon, we're working on it"

yogibear's picture

CNBS crooners can spin it as green shoots.

No worry, the rating agencies have been threatened and are now silent.

AynRandFan's picture

The Euro was great for Spain, but now it's the opposite.  Deflation is pretty tough to stop when you can't print-print-print your way to prosperity.

Chief_Illiniwek's picture

Spain still has a (gd)P ?

venturen's picture

And think Obama models many of his programs like Zapatero...can hardly wait for the future.

Dan Conway's picture

The only surprise to me is that the drop isn't steeper.

Arrowflinger's picture

Yikes, the average price FELL to $203 a square foot?????

Hell, building costs in fly-over America have fallen from $120 per foot to about $85.

Spain has a huge drop in housing left.