Spanish recession deepens: central bank | Bangkok Post: news

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Spanish recession deepens: central bank

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Spain's economy took its steepest dive in more than three years in the final quarter of 2012 as high unemployment and biting austerity measures slashed demand, a Bank of Spain report showed Wednesday. 

Cranes near partly constructed buildings in the town of Sesena, some 40 kilometres south of Madrid on Ocober 30, 2008. Spain's economy took its steepest dive in more than three years in the final quarter of 2012 as high unemployment and biting austerity measures slashed demand, a Bank of Spain report showed.

Available data pointed to gross domestic product plunging by 0.6 percent on a quarterly basis in the final three months of the year after a 0.3-percent dip the previous quarter, it said.

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