Spain Industry and Services Drop, Signaling Economy to Contract

Spanish industry and services declined the most since 2009, adding to evidence the economy may contract in the fourth quarter, just as the newly elected government is set to deepen austerity measures.

Industrial production fell 4 percent from a year earlier in October, the most since November 2009, after a revised 1.4 percent drop the previous month, the National Statistics Institute in Madrid said today.