Spain Economy Shrank 1.6 Percent in 2012 0.2 Percent More than Previously Stated

Spain’s economy shrank 1.6 percent in 2012, versus the 1.4 percent contraction previously recorded, according to revised historical gross domestic product data from the country’s National Statistics Institute (INE) released on Tuesday.

The changes will affect comparisons to 2012 on a quarterly basis, INE said, and in particular comparisons with the second quarter of 2013. That data is due on August 29.

The GDP figures for 2011, 2010 and 2009 were also revised, though only the 2009 revision is definitive. Spain’s economy grew only 0.1 percent in 2011 compared to the 0.4 percent previously stated, INE said.

via Reuters

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza