News Column

Spanish Economy Shrinks 0.3 Percent in Q3 2012

November 15, 2012

Spain's gross domestic product (GDP) contracted by 0.3 per cent in the third quarter, the statistics body INE said Thursday.

GDP shrank by 0.4 per cent in the previous quarter.

The INE attributed the improvement to a slight increase in consumption as Spaniards made purchases in anticipation of a rise in value added tax from the beginning of September.

Compared to the third quarter of 2011, GDP contracted by 1.6 per cent.

Spain is facing its second recession in three years, with the economy expected to shrink by 1.5 per cent in 2012.

Source: Copyright 2012 dpa Deutsche Presse-Agentur GmbH

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