Reuters: US Dollar Report: Spain recession seen deepening in Q2 - c.bank

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Spain recession seen deepening in Q2 - c.bank Jun 27th 2012, 08:23 MADRID, June 27 | Wed Jun 27, 2012 4:23am EDT MADRID, June 27 (Reuters) - Spain's economy will contract at a faster rate in the second quarter than in the first three months of the year, economic indicators suggest, the Bank of Spain said in its monthly bulletin published on Wednesday. The economy shrunk by 0.3 percent from January to March on a quarterly basis, as Spain fell back into recession for the first time in three years. The central bank said that data showed private consumption had fallen at a steeper rate in the second quarter than the first while retail sales and car purchases had also shrunk at a faster clip.

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