Bloomberg News

Spain Revises Down Data for Economic Growth for 2010-2011

August 27, 2012

Spain lowered its economic-growth data for 2010 and 2011, a revision that will affect estimates for second-quarter growth due to be released tomorrow, the National Statistics Institute said.

The euro region’s fourth-biggest economy grew 0.4 percent last year, less than the 0.7 percent originally reported, INE said in a statement posted on its website. The economy contracted 0.3 percent in 2010, more than the 0.1 percent initially stated, the statistics agency said in the statement.

“We have decided not to modify our estimate” of second- quarter economic performance, said Tomas Garcia, a Madrid-based analyst at Cortal Consors, which forecasts a 0.4 percent contraction.

“Logically it may improve to 0.2 or 0.3 percent, but we won’t take the improvement into account because it will be a purely statistical effect.”

Gross domestic product figures for 2008 and 2009, which were included in the review, were not revised, INE said. Here are the revised numbers:


                  Revised GDP        Original GDP Reported
2011                   0.4%                 0.7%
2010                  -0.3%                -0.1%
2009                  -3.7%                -3.7%
2008                   0.9%                 0.9%

To contact the reporters on this story: Andrew Davis in Rome at abdavis@bloomberg.net; Angeline Benoit in Madrid at abenoit4@bloomberg.net

To contact the editor responsible for this story: Tim Quinson at tquinson@bloomberg.net


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