Spanish GDP drops by 0.5 per cent in first quarter

Source: Reuters

Spanish GDP has contracted by 0.5 per cent in the first quarter of 2013, in line with expectations. The economy saw a crunch of 0.8 per cent in the last quarter of 2012.

The Spanish economy has shrunk by two per cent in the year to the end of the first quarter, while harmonised CPI rose from 1.5 per cent to 1.8 per cent in May.