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Summary Box: Spain back in recession

The Associated Press

THE NEWS: Spain slipped back into recession as the country's economy contracted for the second quarter in a row.

THE NUMBERS: A Bank of Spain monthly report recorded that economic output shrank 0.4 percent in the first quarter of the year, following a 0.3 percent decline in the last quarter of 2011.

NO SURPRISE: The new conservative government has previously warned the economy is shrinking and forecasts it will contract 1.7 percent this year.