Spanish GDP revised downwards

Revised data published yesterday showed Spain’s economy contracted by more than previously estimated in 2010, and grew by less than first published in 2011, reigniting fears about the country’s ability to rein in its public deficit. The struggling economy, which may require a full bailout, shrank 0.3 per cent in 2010, more than the 0.1 per cent decline that had been estimated. And the country’s statistics institute INE said that growth last year was only 0.4 per cent, instead of the 0.7 per cent rise that had previously been reported.