Tags: Spain | Financial | Crisis | euro

Spain Revises Down GDP for 2011, 2010

Monday, 27 Aug 2012 08:02 AM

Spain's National Statistics Institute says the economy grew less than originally estimated in 2011, registering an increase of 0.4 percent instead of the earlier published 0.7 percent.

The INE said Monday that fresh data also showed that the economy shrank 0.3 percent in 2010, worse than the previously estimated 0.1 percent contraction.

Estimates of economic contraction of 3.7 percent in 2009 and 0.9 percent in 2008 remained unchanged.

Spain is in its second recession in three years with near 25 percent unemployment. The economy contracted 0.4 percent in the second quarter compared with the first quarter, when it shrank 0.3 percent.

The government estimates the economy will contract 1.5 percent this year and 0.5 percent in 2013.

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