Spain: Economy is Worsening

Spain says its economy is worsening and that it will take two years longer than first thought to meet Europe’s deficit target.

Madrid said Friday it expects its economy will shrink 1.3 percent this year, instead of the one-half of one percent figure it projected earlier. The government said it expects the Spanish economy will begin to grow again in 2014.

At the same time, Spain – the fourth largest economy in the euro currency bloc – said its deficit would fall this year to 6.3 percent …

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