Spanish recession moderates as GDP shrinks by 0.1 per cent in the second quarter

The Bank of Spain has announced that GDP shrunk by 0.1 per cent in the second quarter, from a 0.5 per cent downturn in the first quarter.

Strong exports drove he moderation of recession, adding 0.4 percentage points to GDP growth. The central bank now sees annual GDP growth of -1.8 per cent in the second quarter.