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Statistics office confirms Spain back in recession

Statistics office confirms Spain back in recession

Spain's National Statistics Institute confirms that the country's economy shrank 0.4 percent in the first quarter, placing the country back in recession.
The contraction, announced Monday, follows a 0.3 percent decline in the final quarter of last year. This is Spain's second recession in three years.
Two consecutive quarters of economic contraction are seen as constituting a technical recession.
The institute's findings confirm figures advanced by the Bank of Spain last week.
It comes days after Spain had its debt rating downgraded by Standard & Poor's.


Updated : 2020-12-05 20:02 GMT+08:00