Forex News – Spain GDP falls 0.3% in fourth quarter of 2011

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Spain’s economy contracted in the fourth quarter of 2011 as shown by Gross Domestic Product data on Monday. GDP fell 0.3 percent in the final quarter compared to the July to September period which was flat at zero growth.

The growth numbers are in line with forecasts and register the first decline since the end of 2009.

Spain’s’ National Statistics Institute said growth fell owing to weak domestic demand, partially compensated by a rise in foreign demand.

Meanwhile, when measured on an annual basis, GDP also showed a slowdown when compared to the same period in the prior year. GDP only grew by 0.3 percent, slowing from 0.8 percent in the previous quarter but slightly above expectations 0.2 percent growth.