INE confirms the Spanish Economy Went into Recession at the beginning of 2012

INE confirms the Spanish Economy Went into Recession at the beginning of 2012

The Spanish economy went into recession after falling 0.3% between January and March and put two consecutive quarters of contraction, according to final figures released today by the National Statistics Institute (INE for its Spanish acronym).

The 2.6% contraction in investment and 0.9% of exports, coupled with stagnant consumption and public spending cuts, caused the economic decline between January and March, the source said.

On 30 April, the INE said the Spanish economy entered into recession, data confirmed today. Job losses deepened after falling at a rate of 3.8% (half a point more than in the previous quarter), representing a net reduction of 655,000 jobs full time in a year that was distributed among all branches of activity without exception.

(LO)