Spain Economy May Shrink 1.5% in 2012, de Guindos Tells El Pais
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The Spanish economy may shrink about 1.5 percent this year, prompting the government to agree with the European Union on new targets for the country’s budget deficit reduction, Economy Minister Luis de Guindos told El Pais.
Spain’s current 2012 deficit target of 4.4 percent was set based on gross domestic product growth of 2.3 percent and is in agreement with the European Union, de Guindos told El Pais.