The Spanish economy contracted more than initially estimated in the fourth quarter, revised data from the statistical office Ine showed Thursday. A separate release from the agency revealed that Spain's inflation remained unchanged in February.
The gross domestic product declined 0.8 percent quarter-on-quarter in the fourth quarter, suggesting intensifying recession in the Eurozone nation. The GDP has declined for more than a year now.
The flash estimates showed a 0.7 percent contraction for the economy after a 0.3 percent fall in GDP in the third quarter.
Year-on-year, GDP fell 1.9 percent, more than the previously estimated 1.8 percent drop. In 2012, the economy contracted 1.4 percent.
The deterioration was mainly the result of a larger negative contribution from domestic demand. Consumer spending fell at a faster pace of 1.9 percent and government expenditure dropped 0.3 percent.
Investment dropped at a faster pace of 3.9 percent from a quarter ago, when it fell 1.3 percent. Exports of goods and services fell 0.9 percent and imports declined 4.8 percent.
Separately, the statistical office reported that Spain's inflation, as measured by the harmonized index of consumer prices, remained unchanged at 2.8 percent as expected. Inflation, measured by the consumer price index, was also steady at 2.7 percent.
by RTT Staff Writer
For comments and feedback: firstname.lastname@example.org
What parts of the world are seeing the best (and worst) economic performances lately? Click here to check out our Econ Scorecard and find out! See up-to-the-moment rankings for the best and worst performers in GDP, unemployment rate, inflation and much more.