Business News
Spain's economy shrank 0.3 per cent in fourth quarter
Jan 30, 2012, 10:36 GMT
Madrid - Spain's economy contracted 0.3 per cent in the last quarter of 2011 in comparison with the previous quarter, the national statistics body INE reported Monday.
The economy grew 0.7 per cent during all of 2011.
INE attributed the contraction mainly to falling domestic demand.
The figures confirmed a trend observed by the Bank of Spain and the International Monetary Fund, which expect a recession this year.
Unemployment has meanwhile soared to nearly 23 per cent, passing the mark of 5 million jobless people for the first time, according to figures released by INE last week.
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