Investing.com - Spain’s economy contracted in line with expectations during the final three month of 2011, unchanged from a preliminary estimate, official data showed on Thursday.
In a report, Spain’s statistical office said the country’s gross domestic product contracted by a seasonally adjusted 0.3% in the fourth quarter of 2011, broadly in line with expectations and unchanged from a preliminary estimate.
It was the first contraction since the final three months of 2009. Spanish gross domestic product was flat in the preceding quarter.
Annualized GDP rose at a rate of 0.3%, unchanged from a previous estimate and in line with expectations. This was the slowest pace since the second quarter of 2010, data showed.
Following the release of the data, the euro held on to losses against the U.S. dollar, with EUR/USD shedding 0.47% to trade at 1.3005.
Meanwhile, European stock markets were broadly lower. Spain’s IBEX 35 tumbled 2.35%, the EURO STOXX 50 dropped 1.3%, France’s CAC 40 fell 0.85%, Germany's DAX slumped 1.35%, while London’s FTSE 100 retreated 0.9%.
In a report, Spain’s statistical office said the country’s gross domestic product contracted by a seasonally adjusted 0.3% in the fourth quarter of 2011, broadly in line with expectations and unchanged from a preliminary estimate.
It was the first contraction since the final three months of 2009. Spanish gross domestic product was flat in the preceding quarter.
Annualized GDP rose at a rate of 0.3%, unchanged from a previous estimate and in line with expectations. This was the slowest pace since the second quarter of 2010, data showed.
Following the release of the data, the euro held on to losses against the U.S. dollar, with EUR/USD shedding 0.47% to trade at 1.3005.
Meanwhile, European stock markets were broadly lower. Spain’s IBEX 35 tumbled 2.35%, the EURO STOXX 50 dropped 1.3%, France’s CAC 40 fell 0.85%, Germany's DAX slumped 1.35%, while London’s FTSE 100 retreated 0.9%.