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Spanish Q2 GDP Contraction Confirmed At 0.4%

Spain's gross domestic product contracted 0.4 percent quarter-on-quarter in the second quarter of 2012, deepening recession in the Eurozone's fourth-largest economy, final data released by the statistical office Ine confirmed Tuesday.

The figure matched the preliminary estimate. This followed a 0.3 percent decline in GDP in the first quarter.

However, the statistical office revised its annual GDP figure to show 1.3 percent contraction in overall national output, which was worse than the previously estimated 1 percent fall. In the first quarter, GDP was down 0.6 percent year-on-year.

On a quarterly basis, private consumption fell 1 percent in the second quarter, following 0.4 percent gain in the previous quarter. The rate of decline in investment accelerated to 3 percent from 2.7 percent in the first quarter.

Exports rose 1.6 percent in the second quarter, while imports declined 1.5 percent compared to the first three months of the year.

Meanwhile, in a report released Monday, the statistical office said that the Spanish economy performed much worse than thought in 2010 and 2011.

Ine said the GDP actually fell 0.3 percent in 2010, compared to 0.1 percent decline estimated earlier. The 2011 GDP growth rate was revised down to 0.4 percent from previously reported 0.7 percent expansion.

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