Spanish economy experiences third contraction
on 30/07/2012 09:22:48
It was the third consecutive contraction following the previous two 0.3 % quarterly declines.
A technical recession is commonly defined as two consecutive quarters of economic contraction.
The institute said today that the second quarter decline was due to negative domestic demand, compensated somewhat by an increase in exports.
Spain, which has an unemployment rate of almost 25%, is struggling to avoid having to seek a financial bailout, as Greece, Ireland and Portugal have already done.