Spain has entered into a technical recession

The Central Bank of Spain said that the volume of industrial production in the second quarter in a row down, and the economy is in a "technical recession".

In the first three months of this year the Spanish economy contracted by 0.4%, and in the last months of 2011 — by 0.3%, according to "Finmarket" referring to the statement by the regulator.

As recalled, the economic downturn is March 28 forecast Economy Minister Luis de Gindos, who expressed the opinion that in the early years of GDP growth will not, and will decline in IV quarter 2011.

In the same year the annual GDP of Spain has been growing — by 0.5%, the Central Bank. Movement rate is due, in particular, decline in domestic demand of 0.9%, export growth of 0.6%. The Central Bank of Spain noted that the data on the I quarter — preliminary. Official information will be published by the National Statistics Institute on April 30. Adjusted GDP will be released on May 17.

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