The eurozone's fourth largest economy contracted for the seventh straight
quarter in the final three months of 2012, shrinking by 0.8pc as the recession
worsened by more than previously estimated
Output shrank by 4.7pc, due to a fall in domestic demand, while exports grew
by 2.8pc over the quarter, Spain's National Statistics
Institute said on Thursday. Economists had expected output to
decline by 0.7pc in the three months to the end of December.
“The key numbers are consistent with very weak survey data,” Guillaume
Menuet, senior economist at Citigroup, told Bloomberg. “It is about time
the real economy numbers match the challenged picture which has become the mark
of many countries across Europe including Spain in the last three to six months
as across-the-board austerity damages growth.”
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