Spain's recession deepens

Spain’s recession deepened in the last quarter of 2012 after Prime Minister Mariano Rajoy’s government approved its fifth austerity package in a year.

23rd January, 2013

Spain’s recession deepened in the last quarter of 2012 after Prime Minister Mariano Rajoy’s government approved its fifth austerity package in a year to reduce the second-largest budget deficit in the euro area.

Gross domestic product shrank for a sixth quarter, contracting 0.6 per cent from the previous three months, when it slipped 0.3 percent, the Bank of Spain said in an estimate in its monthly bulletin today. Fourth-quarter GDP matched the...

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