Spain is likely to slip into recession in the fourth quarter and stay there into 2009, Bank of Spain head Miguel Angel Fernandez Ordonez has said. His comments followed figures showing that the Spanish economy had contracted by 0.2% in the third quarter, the first shrinkage since 1993. "The scenario for the next quarters is very similar to that of the third quarter," Mr Ordonez said. The eurozone officially entered recession last week. CSFB analyst Giovanni Zanni said: "We have a slightly worse forecast for Spain than for the rest of the euro area."

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