Spain officially enters into recession
The Spanish Economy has officially entered into recession for the first time in 15 years. Confirmation has come this morning from the National Statistics Institute which says the Spanish Gross Domestic Product contracted by 1% between October and December. In the earlier quarter the contraction was 0.2%, and hence the two consecutive quarters, the official definition of recession. The advance numbers from the INE show that the in last quarter of last year the economy shrunk by 0.7% compared to the previous year.
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