Statistics office confirms Spain back in recession
Saturday, April 28, 2012
MADRID (AP) -- Spain's National Statistics Institute confirms that the country's economy shrank 0.4 percent in the first quarter, placing the country back in recession.
The contraction, announced Monday, follows a 0.3 percent decline in the final quarter of last year. This is Spain's second recession in three years.
Two consecutive quarters of economic contraction are seen as constituting a technical recession.
The institute's findings confirm figures advanced by the Bank of Spain last week.
It comes days after Spain had its debt rating downgraded by Standard & Poor's.