Spain Economy Shrinks as Spending Stalls, Investment Falls
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Spain’s economy shrank in the first three months of 2012 as investment slumped and household spending stagnated amid the harshest austerity measures in three decades.
Gross domestic product declined 0.3 percent from the previous quarter, when it fell the same amount, the Madrid-based National Statistics Institute said today, confirming an April 30 estimate. Investment fell 2.6 percent in the quarter while household spending stagnated and exports of goods and services fell 0.9 percent.