April 23, 2012, Spain’s Central Bank has declared the country officially in recession.

Gross domestic product (GDP) shrank 0.4% in the first quarter of 2012, following a 0.3% decline in the last quarter of 2011.   Decline for two quarters in a row makes an official recession.

The Spanish government says it will cut spending by $11 billion USD, and will increase taxes!

The United Kingdom is on the verge of double dip recession. Britain’s Office for National Statistics is expected to say on Wednesday that the economy grew(?) by a meager 0.1%.  

By the way, in order to be considered true growth your GDP needs to be at 3% or higher.  So Britain’s GDP is only 0.1%?  Close enough to call it double dip!

To make matters worse, the two “strong” European economies, Germany and France, are actually contracting!

Belgium and Italy have already crossed into double dip recession.