Spanish statisticians underestimated scale of economic contraction
Spain's official statistics agency – the Instituto Nacional de Estadística – has revised down growth numbers for 2012.
The agency now estimates that the economy shrank by 1.6 per cent last year, up from a previous estimate of a 1.4 per cent contraction.
The INE in #Spain is developing a habit of downwards revisions to past GDP numbers (2012 and 2011 today net -0.5% of GDP) #euro
— Shaun Richards (@notayesmansecon) August 27, 2013