In Spain, the year-on-year decline in gross domestic product until March was 3%, with a downward outlook for the year-end, and a recovery is not expected before the end of 2010.
Furthermore, the economic crisis is unfolding within a highly challenging international economic context, where a 1.6% decline in global GDP is forecast for 2009 (3.7% for advanced economies), while forecasts for 2010 still indicate significant weakness.
