Spain: Economy contracts less than expected in Q3
October 30, 2012
In the third quarter, GDP contracted 0.3% over the previous quarter, according to the flash estimate released by the Statistical Institute on 30 October. The decline undershot both the 0.4% drop observed in the second quarter as well as market expectations of a 0.4% contraction. On an annual basis, GDP contracted 1.6% over the same quarter last year, which represents a deterioration over the 1.3% decline seen in the second quarter. A revised and complete set of data will be released on 15 November.