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Spain's economy shrank in the third quarter

Video by FRANCE 24

Text by AFP

Latest update : 2008-11-14

For the first time since 1993, the Spanish economy has shrunk 0.2 percent compared with the three months to June. The figures - to be confirmed - would mark the end of a boom driven by its property market.

The Spanish economy contracted for the first time since 1993 in the third quarter, shrinking 0.2 percent compared with the three months to June, official figures showed Friday.
  
The figures from the National Statistics Institute (INE) are provisional but if confirmed would mark the end of the Spanish boom which was largely driven by its now collapsing property market.
  
INE will announce final data on November 19.
  
The Spanish economy grew 3.7 percent in 2007.

Date created : 2008-11-14

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