Economic growth rallies, unemployment falls

5th May 2005, Comments 0 comments

5 May 2005, MADRID — The Spanish economy staged a modest improvement in the first quarter, expanding at an annual rate of 2.8 percent from 2.7 percent in the last three months of 2004.

5 May 2005

MADRID — The Spanish economy staged a modest improvement in the first quarter, expanding at an annual rate of 2.8 percent from 2.7 percent in the last three months of 2004.

The Bank of Spain said a trend that emerged in the final months of 2004 indicated "a certain recovery", which continued into the new year.

But it added that the estimate could be revised upward following changes being made to calculation methods used by the national statistics institute.

It will publish its definitive first-quarter growth figure on 25 May.

In a separate development, the labour ministry said the number of job-seekers in Spain fell 1.80 percent to 1,653,537 in April from March.

At 10.2 percent of the workforce, according to first quarter figures from the economy ministry, Spain has one of the highest unemployment rates in the 25-member European Union.

The EU executive commission recently estimated first quarter economic growth in Spain of 0.5 percent compared with the final quarter of 2004, with an annual rate of two percent.

The government forecasts growth of 2.9 percent for all of 2005.

[Copyright EFE with Expatica]

Subject: Spanish news

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