Spain’s GDP has been worse than previously admitted. The growth rate for 2008, originally placed at 1.2 per cent has been downgraded to 0.9 per cent.
The Institute of National Statistics announced the change in GDP output after including more definitive figures from companies, the service sector, families and agriculture into its calculations.
Official figures published on Thursday show that Spanish GDP contracted a worse-than-expected 1.1 per cent in the second quarter as domestic investment and consumption continued to fall.
The newly revised figures, represent a 4.2 per cent year-on-year GDP contraction – the worst figure in nearly 40 years.