Spanish Recession Deepens as Austerity Damps Outlook

摘要

Madrid Spain's recession worsened in the second quarter as the government's austerity push to reduce the euro area's third-biggest budget deficit and a slump in consumer spending offset growth in exports. Gross domestic product fell 0.4% from the previous quarter, when it declined 0.3%, the Madrid-based National Statistics Institute said. That's in line with an estimate published on July 30. Separately, Spain's borrowing costs fell to the lowest in three months at an auction on Tuesday.