Millennium Post

‘Spain recession worse than first made out to be’

Spain's job-wrecking recession was deeper than first announced in 2012, revised figures showed on Tuesday.
The Spanish economy shrank 1.6 per cent in 2012 last year rather than the 1.4-per cent contraction first posted, the National Statistics Institute said.

Spain's economy, the eurozone's fourth largest, also hit the brakes harder than first thought in 2011 when it grew by a meagre 0.1 per cent, not the 0.4-per cent growth earlier reported, the updated figures showed.

The revised figures change little for the Spanish economic outlook but they serve as a reminder of the depth of a two-year downturn that sent unemployment soaring to towering new highs.
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