Spanish economy likely contracted 0.4% in Q3: Bank of Spain
2012-10-23 15:54:06
The Spanish economy has likely contracted at a steady pace in the third quarter, a report from the Bank of Spain showed Tuesday.
The central bank's quarterly bulletin said that gross domestic product declined 0.4 percent sequentially in the third quarter, similar to the contraction seen in the second quarter.
The third quarter data reflect the relief provided by the Government's payment-to-suppliers plan for companies' accounts. National demand fell at a somewhat lower rate of 1.2 percent than the 1.4 percent decrease recorded in the previous quarter
On an annual basis, the economy is estimated to have contracted at a faster rate of 1.7 percent in the third quarter than 1.3 percent in the second quarter, the report said.