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Spanish economy slumps in 3rd quarter of '12: official data

AFP
October 31, 2012, 12:30 am TWN

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MADRID -- Spain's economy wilted in the third quarter of 2012, official data showed Tuesday, as the government imposed a harsh austerity program in the midst of a deep recession.

A slide in domestic demand, battered by a 25-percent jobless rate, overwhelmed a slight improvement in the trade balance, according to preliminary figures from the National Statistics Institute.

Gross domestic product dropped by a quarterly rate of 0.3 percent, marginally better than the previous quarter's 0.4-percent decline, the report showed.

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