Charlie Appleby and William Buick team up to win the prestigious English Classic for the second time in three years following Coroebus in 2022
The figures from the national statistics institute INE confirmed Bank of Spain data issued last week, compounding the problems the government faces in an economy expected not to return to growth until 2014.
INE said the second quarter outcome reflected “weaker domestic demand which was offset in part by a positive contribution from external demand.”
Earlier this month, the government said the economy would remain in recession next year, shrinking 0.5 percent instead of growing 0.2 per cent as previously expected.
The economy was tipped to shrink 1.5 percent this year, with unemployment hitting an unprecedented 24.6 per cent, it said.
Spain, in a tailspin since a massive property bubble burst in 2008, was forecast to return to growth of 1.2 percent in 2014 and 1.9 percent in 2015.
The International Monetary Fund expects the Spanish economy to shrink 1.7 percent this year and 1.2 percent in 2013.
Separately, INE said the inflation rate in July rose sharply to 2.2 percent on a 12-month basis from 1.8 percent in June.
Charlie Appleby and William Buick team up to win the prestigious English Classic for the second time in three years following Coroebus in 2022
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