Bank of Spain signals "significant" fall in GDP in Q3
2012-09-26 14:30:37
The Bank of Spain on Wednesday signaled further decline in the gross domestic product in the third quarter amid continued financial difficulties in the economy.
The available data for the third quarter suggest that the GDP kept "falling at a significant pace in an environment in which financial stress remained at very high levels," the bank said in its monthly economic bulletin.
According to official data, Spanish GDP contracted 0.4 percent quarter-on-quarter in the second quarter of 2012, deepening recession in the Eurozone's fourth-largest economy. This followed a 0.3 percent decline in GDP in the first quarter.