The recession is giving Spain no respite and the latest figures are even worse than expected. In the first quarter of 2012, the GDP of the Iberian country underwent a further contraction: -0,4%, compared to the previous three months and -0,5% on an annual basis. The figure emerges from the preliminary estimates released today by the Bank of Spain, which anticipate by a few days those of the official statistics body, expected for 30 April.
In the last quarter of 2011, the Spanish GDP had already experienced a decrease of 0,3% on a monthly basis, but in the annual comparison it had recorded a growth of 0,3%. According to data released today by Eurostat, however, in 2001 Spain recorded a deficit-GDP ratio of 8,5%, against 9,3% in 2010.
At the end of the morning the Madrid Stock Exchange marks the clearest collapse among the European lists, with the Ibex 35 index in free fall by almost three points. Meanwhile, Spanish government bonds remain under pressure, with the spread between Bonos and Bunds which at the end of the morning reached 430 basis points.
