Contraction of Spanish economy slows in Q2
July 24, 2013The contraction rate of the Spanish economy slowed in the second quarter of 2013, according to figures released by the Bank of Spain yesterday, mainly due to an increase in exports.
After falling 0.8% in the last quarter of 2012 and 0.5% in the first quarter of 2013 the 0.1% fall in GDP is a welcome sign that things may be levelling out. However, on an annual basis the economy was down 2.0% on 2012, with Q2 down 1.8%.
The Bank of Spain report also noted that unemployment seems to have eased slightly, with more jobs created than could be accounted for by seasonal hiring of workers.
Source: El Pais
Tags: Economy, socialmedia
