Spain says economy slows in second quarter

16th August 2011, Comments 0 comments

Spain's battered economy slowed in the second quarter of 2011 in the midst of a eurozone debt crisis, preliminary data showed Tuesday.

Economic output grew 0.2 percent in the second quarter from the previous three months, after a 0.3-percent expansion in the first quarter, the National Statistics Institute said.

The economy was helped by "very positive support from external demand" that was partially offset by weak demand at home, the institute said.

The Spanish economy slumped into recession during the second half of 2008 as the global financial meltdown compounded the collapse of a property bubble. It stabilised in 2010.

Spain's towering unemployment rate -- 20.89 percent in the second quarter of 2011 -- has helped to whip up a nationwide "indignant" protest movement against the pain caused by the economic slump.

The latest figures showed Spain's economy grew 0.7 percent in the second quarter of 2011 when compared to the same period a year earlier, after posting annual growth of 0.8 percent in the first three months of the year.

© 2011 AFP

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