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Spain Slips Into Recession In Q1

The Spanish economy slipped into a recession in the first quarter of 2012, the Bank of Spain said Monday.

Gross domestic product shrank 0.4 percent sequentially, slightly bigger than the 0.3 percent fall seen in the prior quarter.

Domestic demand decreased in the first quarter, while the contribution of net exports came in at positive 0.6 percentage point.

On a yearly basis, gross domestic product fell 0.5 percent compared to the 0.3 percent growth in the fourth quarter of 2011.

by RTTNews Staff Writer

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