Spain says 2012 recession deeper than announced
AFPMADRID--Spain's job-wrecking recession was deeper than first announced in 2012, revised figures showed Tuesday.
August 28, 2013, 12:01 am TWN
The Spanish economy shrank 1.6 percent in 2012 last year rather than the 1.4-percent contraction first posted, the National Statistics Institute said.
Spain's economy, the eurozone's fourth largest, also hit the brakes harder than first thought in 2011 when it grew by a meager 0.1 percent, not the 0.4-percent growth earlier reported, the updated figures showed.
The revised figures change little for the Spanish economic outlook but they serve as a reminder of the depth of a two-year downturn that sent unemployment soaring to towering new highs.