Spain’s GDP up 0.2% according to National Statistics Institute
It is confirmed provisional data issued by the National Statistics Institute (INE) on August 13, follows growth of 0.1 percent in the first quarter. Spain confirmed its timid recovery from recession on Thursday with 0.2 percent growth in the second quarter, final official data showed.
National Statistics Institute (INE) on August 13, follows growth of 0.1 percent in the first quarter, when Spain emerged from recession.
On a year-on-year basis, Spanish Gross Domestic Product shrank 0.1 percent, a figure slightly better than the INE’s provisional estimate of 0.2 percent.
National Statistics Institute (INE) said Thursday the year-on-year revision stems from figures it released Wednesday showing the economy shrank more than originally believed in 2009 — 3.7 percent instead of 3.6.
INE attributed the second-quarter growth to a 2 percent rise in household consumption compared to the same period 2009.
Government said that Spain’s economy will contract 0.3 percent in 2010 and then expand 1.3 percent in 2011.
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