Spain revises down economic growth to 0.4% from 0.7%
   
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Spain revises down economic growth to 0.4% from 0.7%

Last Updated: Tuesday, August 28, 2012, 11:14
 
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Spain revises down economic growth to 0.4% from 0.7%
Madrid: The Spanish economy grew by 0.4 percent last year, less than the initial estimate of 0.7 percent, the National Statistics Institute, or INE, said.

The INE also revised its figure for Spain's gross domestic product in 2010, from a decline of 0.1 percent to one of 0.3 percent.

The institute kept unchanged its data for 2009, when Spanish GDP shrank 3.7 percent, and 2008, which saw growth of 0.9 percent.

The reduction in growth for 2011 was due to a smaller than estimated increase in exports and a sharper decline in domestic demand, the INE said.

The real growth of exports last year fell from 9 percent to 7.6 percent, while the decline in imports increased from 0.1 percent to 0.9 percent.

Spain slipped back into recession in late 2011 and the government expects GDP to contract 1.7 percent this year.

The Spanish economy has been battered by the global recession and the collapse of a massive real-estate bubble, which has left many banks saddled with toxic property assets.

Overall unemployment stands at nearly 25 percent, while Spain's young people face a jobless rate of 50 percent.

IANS



First Published: Tuesday, August 28, 2012, 11:07


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