The Canadian Press - ONLINE EDITION

Spanish central bank says economy shrank 0.5 per cent in Q1 for 7th quarterly contraction

  • Print

MADRID - Spain's central bank says the recession continued in the first three months of the year, with the economy shrinking by 0.5 per cent, its seventh quarterly contraction.

The bank said Tuesday that the drop was somewhat milder than the 0.8 per cent contraction in the final quarter of 2012. Compared with a year earlier, the economy was 2 per cent smaller in the first quarter.

The bank blamed a continuing fall in consumer spending, which dropped 0.8 per cent in the first quarter. The unemployment rate is 26 per cent.

The bank has predicted the economy will contract 1.5 per cent this year and only return to growth in late 2014.

The central bank's figures are an independent estimate. The official figures by the national statistics agency will be reported on April 30.

Fact Check

Fact Check

Have you found an error, or know of something we’ve missed in one of our stories?
Please use the form below and let us know.

* Required
  • Please post the headline of the story or the title of the video with the error.

  • Please post exactly what was wrong with the story.

  • Please indicate your source for the correct information.

  • Yes

    No

  • This will only be used to contact you if we have a question about your submission, it will not be used to identify you or be published.

  • Cancel

Having problems with the form?

Contact Us Directly
  • Print

You can comment on most stories on winnipegfreepress.com. You can also agree or disagree with other comments. All you need to do is be a Winnipeg Free Press print or e-edition subscriber to join the conversation and give your feedback.

You can comment on most stories on winnipegfreepress.com. You can also agree or disagree with other comments. All you need to do is be a Winnipeg Free Press print or e-edition subscriber to join the conversation and give your feedback.

Have Your Say

New to commenting? Check out our Frequently Asked Questions.

Have Your Say

Comments are open to Winnipeg Free Press print or e-edition subscribers only. why?

Have Your Say

Comments are open to Winnipeg Free Press Subscribers only. why?

The Winnipeg Free Press does not necessarily endorse any of the views posted. By submitting your comment, you agree to our Terms and Conditions. These terms were revised effective April 16, 2010.

letters

Make text: Larger | Smaller

LATEST VIDEO

Doug & Buck gear up for Grey Cup

View more like this

Photo Store Gallery

  • A young gosling flaps his wings after taking a bath in the duck pond at St Vital Park Tuesday morning- - Day 21– June 12, 2012   (JOE BRYKSA / WINNIPEG FREE PRESS)
  • Perfect Day- Paul Buteux walks  his dog Cassie Tuesday on the Sagimay Trail in Assiniboine Forest enjoying a almost perfect  fall day in Winnipeg- Standup photo – September 27, 2011   (JOE BRYKSA / WINNIPEG FREE PRESS)

View More Gallery Photos

Poll

Should the federal government subsidize Canadian airports?

View Results

Ads by Google