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Spain gov't sees 1.7 pct economic contraction in 2012

Source: Reuters - Sat 3rd Mar 2012
Spain gov't sees 1.7 pct economic contraction in 2012

Spain's economy will contract by 1.7 percent this year as the government carries out drastic austerity measures, Deputy Prime Minister Soraya Saenz de Santamaria said on Friday at a news conference.

The forecast matched the International Monetary Fund's outlook for Spain's economy this year and was less optimistic than the outlooks from the country's central bank and from the European Commission.

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