Spain's GDP drops 0.4%

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Source: Bloomberg
Spain's central bank announced that countries GDP dropped 0.4% in the quarter ending June after contracting by 0.3% in the first quarter. GDP decreased by 1% in comparison to the same quarter last year. Domestic demand fell by 1.2% in the recent quarter and by 0.5% in the first quarter this year. Last week Mariano Rajoy announced fourth round of tax increase and budget cuts which now accumulate to more than 10% of GDP by 2014.
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