Spain still in recession. In the second quarter, the gross domestic product of the Iberian country suffered a contraction of 0,1% compared to the previous three months and of 1,7% on an annual basis. This was communicated by INE, the Spanish national institute of statistics, which released its preliminary estimates on GDP this morning.
The data is substantially in line with the expectations of analysts, who had foreseen a zero change in the quarterly comparison and a drop of 1,8% over the year. In the previous quarter, Spain's GDP fell by 0,5% on a quarter and by 2% on a year.
As for theinflation, in July the flash reading data measured according to EU harmonized parameters slowed down to 1,9% yoy (in line with expectations) from 2,2% in June. Ine also specifies that the national index has gone from 2,1% last month to 1,8%.
