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Spain's economy contracts

Source : IANS
Last Updated: Thu, Jan 24, 2013 04:00 hrs

Madrid, Jan 24 (IANS/EFE) The Spanish economy contracted 1.3 percent in 2012, with the recession intensifying in the last quarter of the year and the gross domestic product falling 0.60 percent, compared to the previous quarter, the Bank of Spain said Wednesday.

The drop in the GDP was due to a decline in domestic consumption and investment, the Bank of Spain said.

Employment fell last year at a faster rate than in 2011, with the drop estimated at 4.3 percent, due in large part to cuts in public sector jobs, the central bank said.

Public sector employment fell last year for the first time since the recession started as Spain's regional governments implemented austerity measures, the Bank of Spain said.

Activity dropped in all sectors of the economy in 2012, with construction taking the biggest hit.

--IANS/EFE

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