Spain: Economy contracts for a third consecutive quarter
July 30, 2012
In the second quarter, GDP contracted 0.4% over the previous quarter, according to the flash estimate released by the Statistical Institute on 30 July. The decline exceeded the 0.3% drop observed in the first quarter and was broadly in line with market expectations. On an annual basis, GDP contracted 1.0% over the same quarter last year. A revised and complete set of data will be released on 28 August. The Central Bank projects the economy to contract 1.5% this year and to expand 0.2% in 2013.