Spain is officially back in recession
23 April 2012 @ 18:59
Not a big surprise to those of us living here in Spain, but the Bank of Spain has just announced that the Spanish economy shrank by 0.4% in the first quarter of 2012. This follows a 0.3% decline in output in the final quarter of 2011. A recession is technically defined as 2 or more consecutive quarters of contraction. It's looking like another very bad year for Spain, with no sign of things getting better any time soon...
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