Spanish economy contracts for first time in 15 years

November 14th, 2008 - 4:47 pm ICT by IANS  

Madrid, Nov 14 (DPA) The Spanish economy contracted for the first time in 15 years in the third quarter, leaving the country on the verge of recession.The gross domestic product (GDP) shrank 0.2 percent in its first quarterly contraction since 1993, the National Statistics Institute said.

Between July and September, the economy grew only 0.9 percent year-on-year.

Analysts attribute the slowdown mainly to the collapse of the key construction sector and the international financial crisis.

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