Downturn casts pall over former Spanish hotspot

Article looks at the economic situation in Valencia, Spain. When the Spanish economy was growing fast in the early years of the 21st century, the Mediterranean region of Valencia was growing even faster.

In 2010 it is hangover time. Valencia’s quintessentially Spanish mix of 'old economy' industries – orange growing, manufacturing (Ford makes cars here) and above all property development and construction – means it is suffering disproportionately from the global economic crisis and the collapse of Spain’s housing bubble.