More foreigners make Spain a richer country

20th May 2005, Comments 0 comments

20 May 2005, MADRID — Spain is richer than expected thanks to the influx of foreign workers into the economy, according to latest figures.

20 May 2005

MADRID — Spain is richer than expected thanks to the influx of foreign workers into the economy, according to latest figures.

The Spanish national institute of statistics (INE) raised last year's growth figure for 2004 from 2.7 percent to 3.1 percent.

The increase reflected the huge increase in the number of immigrants moving to Spain —  estimated at one million — in the past two years.

Most are seeking a better life in a country which was once if not the poor man of Europe, then one of the weakest economies.

Prior to Spain joining the European Union in 1986, many Spanish workers left their country to find work elsewhere.

But joining the EU has made a huge difference to the Spanish pattern of economic growth, at first through economic aid from richer countries then through self-generated growth.

Spain now no longer qualifies for EU aid, but it is currently battling with Brussels to stop a sudden cut in economic help.

Instead, Madrid hopes it can persuade the EU to substitute this with a slow phasing out of aid.

[Copyright EFE with Expatica]

Subject: Spanish news

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