Business News
Spanish economy shows signs of slow recovery
Oct 29, 2009, 13:40 GMT
Madrid - Spain's recession-hit economy is showing slight signs of recovery, according to figures released Thursday.
The Bank of Spain said gross domestic product (GDP) contracted 0.4 per cent in the third quarter, the lowest quarterly drop since the recession began in 2008.
The economy shrank 4.1 per cent at the annual rate, down from 4.2 per cent in the second quarter.
The decline of consumer prices also slowed down in October.
Spain's European Union-harmonized consumer price index fell 0.6 per cent on the year, compared to 1 per cent in September, according to figures given by the National Statistics Institute (INE).
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