Spain’s GDP to contract

Madrid, April 10 (IANS) Spain would suffer a GDP reduction of between 0.5 and 0.6 percent in the first quarter of 2013, said Spanish Economy Minister Luis de Guindos.

Presenting data at an economic forum, the minister said Tuesday the Spanish economy’s fall from January to March 2013 was “less bad” than in the last quarter of 2012 when GDP contracted by 0.8 percent, reported Xinhua.

De Guindos insisted that the economy would start growing in 2014. He said the reduction in GDP in the third quarter this year was expected to be close to zero before growing slightly in the last quarter of 2013.

He said the government would revise its predictions for the economy and approve a new program of fiscal consolidation April 26.

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