Bank Of Spain sees 0.5% decline in Q1 GDP
2013-04-23 12:32:23
The Spanish central bank on Monday forecast a 0.5 percent sequential decline in the gross domestic product for the first quarter, citing continued weakness in demand.
"The first quarter of 2013 saw a continuation of the pattern of contraction in economic activity, albeit at a slacker pace than in the final stretch of 2012," the Bank of Spain said in its latest Economic Bulletin.
In the fourth quarter, the ailing economy had shrunk 0.8 percent from the previous three months. Demand is estimated to have fallen 0.8 percent and exports are seen flat.
Private consumption likely fell 0.3 percent, while investments shrunk 1.8 percent, the central bank said.
The central bank said the GDP may have dropped 2 percent year-on-year during the first quarter, after a 1.9 percent shrinkage in the final three months of 2012.