The contraction of the Spanish GDP in 2009 revised to 3.7%
August 25, 2010 – 8:05 amSpain's economy shrank 3.7% in 2009, slightly more than initially (-3.6%), revised official data showed on Wednesday.
The national statistics institute INE said the review by changing the balance of trade figures, which are now showing a fall of 11.6% -11.5% of exports cons previously announced, and a decline of 17.8% -17.9% Import cons.
The contribution of the trade balance and external demand reached 2.8 percentage points, against 2.7%.
An analyst with M & G Valores felt that this minor revision should not have a significant impact on forecasts of GDP for this year.The government anticipates a contraction of 0.3%.
The final figures for the second quarter GDP, expected Thursday, should show growth of 0.2% in April-June compared to January-March, but some observers believe that Spain could reconnect with the contraction in the second half because of the impact of austerity measures announced in recent months.
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