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Spanish economic trouble deepens

23.01.13 @ 17:30

  1. By EUOBSERVER

Spain's economy contracted 1.7% in 2012, with a decline of 0.6% in the fourth quarter, the Bank of Spain announced Wednesday. “The weakness of the euro area economy led to a loss of buoyancy in exports,”the bank said, adding austerity measures have "a clearly contractionary effect on economic activity."