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Spain’s 2010, 2011 GDP figures revised down

A file photo of people standing in line to enter a government-run employment office in Madrid.

ANDREA COMAS/REUTERS

Spain's economy contracted by more than previously estimated in 2010, and grew by less than first published in 2011, according to revised data from the National Statistics Institute released on Monday.

The data showed Spain's economy shrank by 0.3 per cent in 2010, more than the 0.1 per cent contraction originally reported, and grew by 0.4 per cent last year, less than the 0.7 per cent previously reported.

The official data provider said the changes were a result of new structural data available and revisions to preliminary data.

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The downwards revision to the 2011 growth figures was a result of a change to external demand figures, which showed exports were slightly weaker than first thought.

Revised data come before Tuesday's release of final data for gross domestic product data for the second quarter, which are expected to confirm output fell by 0.4 per cent on a quarterly basis.

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