Third Quarterly Decline in Spain, Swiss M3 Growth Improves

Arthi Gupta
23 Jul, 2012
New York City

The Spanish economy contracted for the third quarter in a row. Swiss broad money supply growth rose and Luxembourg''s unemployment rate remained unchanged in June. Danish consumer confidence strengthened in July.

[R]1:30 PM Frankfurt – The Spanish economy contracted for the third quarter in a row. Swiss broad money supply growth rose and Luxembourg''s unemployment rate remained unchanged in June. Danish consumer confidence strengthened in July.[/R]

Spanish Economy Contracts

The Spanish economy contracted 0.4% on a quarterly basis in the second quarter compared to the 0.3% contraction in the first quarter, Bank of Spain said in its quarterly estimates released today.

The economy contracted for the third quarter in a row.

From a year ago, the gross domestic product declined 1% in the second quarter following a 0.4% drop in the first quarter.

Swiss M3 Growth Rises

Switzerland''s broad money supply growth, M3, grew 7.4% annually in June, after expanding 6.3% in May, the Swiss National Bank said today. And M1 growth improved to 12% in June from 10.1% in May.

Danish Confidence Strengthens

Denmark''s consumer confidence index increased to 0.1 in July from -2.6 in June, data released by Statistics Denmark showed today.

Danish households'' views of their current financial situation compared to 12 months earlier climbed to 1.2 in July from -2.6 in June.

Luxembourg Jobless Rate Stable

Luxembourg''s unemployment rate remained unchanged in June, data released by the statistics office showed.

The seasonally adjusted unemployment rate was at 6.1% in June, unchanged from May. In June 2011, the jobless rate was 5.6%.

The number of unemployed persons increased 11.9 % on an annual basis to 13,813 at end of June, data showed. The number of applicants who received unemployment benefits increased 7% from last year to 6,046 in June.