Spain registers worse-than-expected contraction in Q4

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30-01-2013 08:32

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As the Spanish government continues to grapple with the implementation of austerity measures required as part of the Eurozone bailout received for its financial sector, the country reported a worse-than-expected contraction of its economy during the fourth quarter of 2012.

According to the preliminary data from the INE (government statistics office) out Wednesday, Spain's economy fell 0.7% during the quarter, compared to the prior drop of 0.3%.

Consensus had expected a contraction of 0.6%.

JM

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