Spain's GDP will shrink 1.5% in 2013: Bank of Spain

Spain's economic growth is likely to slow down further pushing the nation's economy deeper into depression in 2013 and unemployment is set to record a historical low as austerity measures moderate the pace of recovery, the Spanish national bank reported on Tuesday. Spanish GDP is forecast to shrink 1.5% this year after it fell 1.4% in 2012, while jobless rate is set to jump to 27.1%.