Figures published today (January 23) in the Bank of Spain's quarterly economic bulletin show that the fourth quarter of 2012 was particularly painful for the Spanish economy, and saw many economic indicators quicken their downward trend.

The economy contracted by 1.7% year-on-year, while domestic demand shrank 1.9%, representing the weakest figures for each indicator recorded in 2012. Unemployment increased 4.1% year-on-year, and both imports and exports contracted, at 5% and 0.7% respectively.