Thursday May 14, 08:36 AM
Spain goes deeper into recession in first quarter
MADRID (AFP) - The Spanish economy went deeper into recession in the first quarter of this year, official data showed revealing that output contracted by 1.8 percent from the level in the previous quarter.
This was the third monthly contraction in a row after a fall of 1.0 percent in the last quarter of last year from the level in the third quarter which had shown a contraction of 0.3 percent.
The national statistics institute Ine, which published the latest data on a provisional basis, said that "the quarterly variation of gross domestic product is minus 1.8 percent."
The figure was in line with an estimate by the Bank of Spain at the end of April.
The widely accepted definition of recession is two quarters running of contraction from output in the previous quarter.
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