Spain's economy contracts by 0.3%

[31 January 2012, BBC News] On 31 January, BBC News reported that Spain's economy shrank by 0.3% in the last quarter of 2011 from the previous three months, official figures indicate. The Spanish statistics office also confirmed that there had been zero growth in the third quarter. It is widely expected that Spain will fall into recession this year, with some analysts warning that the downturn could be prolonged. 

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