#Spain #Madrid: Bank of Spain confirms country is in technical recession as economy shrinks in first quarter:

Spain is back in recession as the economy contracted 0.4 percent in the first quarter of the year, the central bank said Monday.

The figure published in a Bank of Spain monthly report followed a 0.3 percent decline in the fourth quarter. A technical recession is commonly defined as two consecutive quarters of economic contraction.

The news of recession comes as no surprise, however - the new conservative government has said the economy is shrinking and forecasts it will contract 1.7 percent this year...read more

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