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Spain revises 2008 growth figure downward

Spain revises 2008 growth figure downward

Spain on Wednesday revised its economic growth figure for 2008 downward to 0.9 percent from 1.2 percent previously.
The National Statistics Institute said it made the change in the GDP figure after incorporating more definitive data from companies, the service sector, families and agriculture into its calculations.
Earlier this month the institute announced the Spanish economy had shrunk by 1 percent in the second quarter of this year compared to the previous three months. It was the fourth consecutive quarterly contraction. Compared with a year earlier, the economy shrank 4.1 percent in the second quarter.
The Socialist government of Prime Minister Jose Luis Rodriguez Zapatero said it expects the economy to contract 3.6 percent this year.
In less than two years, Spain has gone from being Europe's top job-maker _ creating more than one third of all euro zone jobs _ to one with Europe's highest unemployment rate at 17.9 percent following the collapse of its key construction sector and a consumer spending boom.


Updated : 2021-07-30 07:17 GMT+08:00