Jobs and tourism boost Spanish economy
1 February 2005, MADRID - The Spanish economy grew 2.6 percent in 2004 compared with the year before.
1 February 2005
MADRID - The Spanish economy grew 2.6 percent in 2004 compared with the year before.
This was a rise in comparison with 2003 when the Spanish economy grew by 2.5 percent.
The 2004 increase in the economy was boosted by a pace of 2.7 percent in the fourth quarter, the Bank of Spain said.
Output in the September-December period rose by 0.8 percent from the third quarter, owing to a pick-up in tourism, the main driver of the country's economy, and a sharp slowdown in imports, the central bank said.
Among the elements the bank cited as factors for the full-year 2004 were a "significant" increase in domestic demand, up 4.0 percent from 3.2 percent in 2003 owing to surges in consumption and investment, "strong" jobs creation, and 3.2-percent inflation caused by a rise in oil prices.
[Copyright EFE with Expatica]
Subject: Spanish news