Spain's industrial production hits record-low since 2009

As Spain continues to fall further into the economic crisis, the country's industrial production output reached its record-low since October in 2009 and dropped by 8.3% from the previous year. According to the Bank of Spain, the country will suffer from another recession since 2009, as Mariano Rajoy in the period of one year is attempting to achieve a 40% decrease in the budget deficit. Spain forecasts the demand in the domestic market will contract 4% this year.