But its report was marginally more optimistic about Spain's economy, which it now expects will contract by 3.5 percent in 2009 and by 0.25 percent next year, weighed down by high private sector debt and shrinking residential construction. In its last economic outlook in June, the OECD had forecast Spain's gross domestic product would contract by 4.2 percent this year and by 0.9 percent in 2010.
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