Spain reported another quarter of economic decline on Tuesday, with the economy contracting 0.5 percent in the first quarter, compared to the previous three month period. Spain’s IBEX 35 rose 0.77 percent in early trade as the numbers were in line with the Bank of Spain’s forecast.
On a year-on-year basis, the economy contracted by 2 percent.
Spain has experienced seven consecutive quarters of economic decline. The economy contracted by 0.8 percent in the fourth quarter of 2012.
On Tuesday, the Bank of Spain revised down its gross domestic product (GDP) forecast for the whole of 2013, from a contraction of 0.5 percent to a contraction of 1.3 percent.