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Spanish economy back in recession

Spain's National Statistics Institute has confirmed that the country's economy shrank 0.4% in the first quarter, placing it back in recession.

The contraction follows a 0.3% decline in the final quarter of last year.

This is Spain's second recession in three years.

Two consecutive quarters of economic contraction are seen as constituting a technical recession.

The institute's findings confirm figures advanced by the Bank of Spain last week.

It comes days after Spain had its debt rating downgraded by Standard & Poor's.

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From Belfast Telegraph