Third-quarter figures show Spain still grappling with economic woes

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The Spanish economy continued to contract in the third quarter of 2012, "in a setting marked by adverse financial conditions", according to a report published today (October 23) by the Bank of Spain.

Growth declined 0.4% quarter-on-quarter, representing a worsening in the year-on-year rate from –1.4% to –1.7%. Inflation increased to 3.4%, and employment contracted by around 4.5%, a similar rate to the previous quarter. Financing to non-financial firms declined 3.7%, and financing to households

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