Spain's economy contracts
   
Quotes

Spain's economy contracts

Last Updated: Wednesday, April 24, 2013, 15:45
 
 Comment 0
 
Spain's economy contracts
Madrid: The Spanish economy contracted 0.50 percent in the first quarter, the Bank of Spain said.

The rate of economic contraction eased in the period, compared to the fourth quarter of 2012, when the gross domestic product shrank 0.80 percent, the central bank said in its latest bulletin Tuesday.

The downturn in Spain's economy is easing as European financial markets improve despite the uncertainty over the presidential election in Italy and complications in the Cyprus bailout, the Bank of Spain said.

Job losses also moderated during the period, with job cuts falling to a 4.5 percent year-on-year rate, down from the 4.7 percent rate registered in the prior quarter.

Spain has been battered by an economic meltdown that sent the unemployment rate skyrocketing to 26 percent.

IANS




First Published: Wednesday, April 24, 2013, 15:45


Comments


comments powered by Disqus
New Generation Scorpio
New Generation Scorpio
BRICS SUMMIT Ufa
BRICS SUMMIT Ufa
New Vento 2015
New Vento 2015
Audi all-new SUV Q3
Audi all-new SUV Q3
Indian Billionaire Daughters
Indian Billionaire Daughters

Contact Us : Privacy Policy : Legal Disclaimer
Copyright © Zee Media Corporation Ltd. All rights reserved