The Spanish economy grew at its slowest quarterly pace in nearly 13 years between January and March, as a tumbling housing market and the global credit crunch brought a sharp deceleration in economic activity.
The economy expanded by 0.3 per cent in the first quarter of this year, compared with 0.8 per cent in the preceding quarter and 0.9 per cent in the same period last year, according to preliminary government data published yesterday. It was the lowest rate since the third quarter of 1995, the national statistics institute said.
