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Shrinking figures show country is in recession

Published 24/04/2012

Spain's economy contracted 0.4% in the first quarter of the year and the country is now in a technical recession, the central bank has said.

The drop, published in a Bank of Spain report, follows a 0.3% quarterly decline in the fourth quarter.

The Bank of Spain figure comes as no surprise, however. The government has said that the economy is shrinking and forecasts that it will contract 1.7% this year.

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