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Spain's economic slump continues

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Spain's economic slump continues

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There was confirmation in the latest data that between January and March Spain’s GDP fell 0.5 percent from the previous quarter.

Year-on-year the economy shrank by 2.0 percent.

It was the seventh straight quarter of contraction for the eurozone’s fourth largest economy.

The European Commission has just given Madrid two more years to get its public deficit below the EU ceiling of 3.0 percent.

Austerity measures to bring the deficit under control have left Spain mired in recession and with millions out of work.