Spain Revises Down 2009 Growth
25 August 2010 @ 19:14
MADRID—The Spanish economy contracted more deeply last year than previously thought, the national statistics institute INE said Wednesday.
Gross domestic product fell 3.7% in 2009, a steeper fall than the earlier estimate of 3.6%, the INE said in a regular revision of data. GDP contracted last year amid the fallout from the collapse of a decade-long construction boom. The revision reflected a lower-than-previously-calculated contribution from external demand, the INE said.
The institute kept its growth estimates for the three years preceding 2009 unchanged. The INE on Thursday will publish figures for Spain's second-quarter GDP.
According to preliminary data published Aug. 13, the country's economy grew 0.2% in the second quarter from the first, but fell 0.2% on the year. The International Monetary Fund expects the Spanish economy to contract 0.4% in 2010 and expand 0.6% in 2011.
Source: Wall Street Journal
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