Spain's economy contracts for seventh consecutive quarter

The country's gross domestic product fell by 0.5% compared with the previous quarter, according to the National Statistics Institute.

On an annual basis, Spain's economy shrank 2% in the quarter - the worst fall since the end of 2011.
Last week, Spain's government cut its forecast for 2013, saying it now expected the economy to shrink by 1.3%.

Its previous estimate had put the rate of contraction at 0.5%.
"We don't see Spain returning to growth until some time next year," said Nomura analyst Silvio Peruzzo.

Read more: BBC News - Spain's economy contracts for seventh consecutive quarter