The recession is further exacerbating in Spain with the GDP which, in the second quarter, fell by 0,4% after the double -0,3% recorded in the previous two quarters. This was communicated by the national institute of statistics, Ine. The figure is, however, in line with analysts' expectations. On an annual basis, the Iberian GDP recorded a contraction of 1%.
The decline in GDP - explains the national statistical institute - is caused by the further slowdown in domestic demand only partially offset by exports. For Spain, this is the third consecutive quarter of recession after the 0,3% declines recorded both in the first quarter of 2012 and in the fourth quarter of 2011. On an annual basis, the 1% contraction recorded in the April-June period comes after the - 0,4% of the January-March interval.
