Spanish economy to contract by around 0.3 pct in Q2

MADRID May 21 (Reuters) - The Spanish economy is likely to contract by around 0.3 percent in the second quarter of the year, Spain's Economy Minister Luis De Guindos said on Monday.

"What we see is that the second quarter will have a relatively similar behaviour to the first quarter, when it contracted by 0.3 percent," De Guindos said at en event in Madrid.

He also said that Spain's 17 autonomous communities and the central administration both had a firm commitment to meet their deficit targets this year after the government admitted late on Friday its 2011 public deficit was higher than it had previously reported due to adjusted accounts in three of its regions.

"For the first time in many years, there is a commitment from the autonomous communities and the central administration to correct the public deficit," De Guindos said.