Meanwhile, as Spain contracts, unemployment will likely continue to rise. However, it's already at unprecedented levels, as the chart going all the way back to 1983 shows.
Current levels of unemployment (under-25 rate = 52.9 percent; overall = 25.1 percent) have been more than enough to spur massive social protests in Spain.
As more and more Spaniards lose their jobs and become disenfranchised with the economic environment fostered by the Spanish government, the prospects for civil unrest will continue to become more serious.
Citi economist Ebrahim Rahbari sees 26.2 percent unemployment next year. That's more than a 1 percentage point increase from this year.