Spain economy shrinks 0.5%
Spain economy shrinks 0.5% Updated: 23:34, Tuesday April 30, 2013 Official data shows Spain's economy has shrunk in the first quarter of 2013 as a job-destroying recession held its grip on the struggling nation.
The Spanish Government has officially admitted the depth of the recession and announced that they expect a 3.6% reduction in GDP It's quite a change from the previous forecast of 1.6% and came also with the announcement that the long period of reduced taxes is at an end.