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Spain slides back into recession with 0.3% drop in Q1 GDP: Spain slides back into recession with 0.3% drop in Q1 GDP Spain's GDP shrank by 0.3% in the first quarter after declining at the same rate in the final three months of 2011, confirming a return to recession. http://bit.ly/JvOrJO

Russia's GDP growth at 4.9 pct y/y in Q1: Russia's gross domestic product rose by 4.9% in the first quarter, year-on-year, up from 4.8% in the preceding quarter, the Federal Statistics Service said. http://bit.ly/KYn7R8

Kotak Bank leaves FY12 GDP unchanged; sees FY13 at 6.6%: Despite the disappointing industrial output data released today, Kotak Mahindra Bank says that they will not change their FY12 GDP forecast of 6.7%. http://bit.ly/IQGiAG

IIP Reaction: Experts see GDP forecast at 6.7-6.8% for FY12: In an interview to CNBC-TV18, Sajjid Chinoy, Asia economics, JPMorgan and Rahul Bajoria, Regional Economist, Barclays Capital have lowered their GDP forecast for India. http://bit.ly/KPFLKR

Possible to grow at 9%, says Ahluwalia: Ahluwalia says India should be able to sustain a current account deficit of 3% of GDP http://bit.ly/Jia16x

'UK GDP grew in 3 months to April, risks ahead': Britain's economy recorded slight growth in the three months ending in April but still remains weak, a leading think-tank said on Thursday. http://bit.ly/JiL8SV

GDP growth seen at 7.6% in 2012-13: Kaushik Basu: GDP growth seen at 7.6% in 2012-13: Kaushik BasuBasu said that the volatility of the Indian rupee was a big concern and that the government was watching it closely. http://bit.ly/KHd60j

Global economy to improve in H2CY13: IMF's Laura Papi: Laura Papi, assistant director of the IMF's Asia and Pacific expects India's GDP to grow 7% in FY13. http://bit.ly/JcJaDl

Up defence allocation, fight arms lobbies: BJP: The opposition Bharatiya Janata Party (BJP) urged the government to increase the defence budget to at least three percent of the GDP. http://bit.ly/J6qNoR

Japan Q4 GDP seen + 0.9% q/q led by consumption: Reconstruction demand for the quake-battered northeast probably pushed public spending and a recovery in exports also contributed to growth, analysts said. http://bit.ly/JqE7QA

FII pullouts always set off fall in GDP: FII pullouts always set off fall in GDPIndia is much more integrated through financial channels compared with trade channels, which is what most experts tend to focus on. http://bit.ly/Jqfh3k

Construction among biggest donator to Delhi's GDP: Construction sector has contributed over Rs 30K cr to Delhi's GDP of 3.13L cr in 2011-12, retaining its position as one of the major driving forces of the city's economy. http://bit.ly/JLYlXl

India to cut subsidies to 1.75% of GDP in 3 yrs: FM: India to cut subsidies to 1.75% of GDP in 3 yrs: FMIndian government is committed to bringing down subsidies to below two percent of the country's GDP in the current fiscal, said Pranab Mukherjee. http://bit.ly/J7l10Y

Indian economy more resilient to withstand global turmoil: FM: Indian economy more resilient to withstand global turmoil: FMPranab Mukherjee said on the fiscal front, the government is committed to bring down the subsidy bill below 2% of GDP in 2012-13. http://bit.ly/IL4wMj