Oil prices slow Spanish growth

19th October 2004, Comments 0 comments

19 October 2004, MADRID - The Spanish government's forecast of 3 percent economic growth in 2005 is "further away than it was in July", owing to the increase in oil prices, Economy and Finance Minister Pedro Solbes said Tuesday.

19 October 2004

MADRID - The Spanish government's forecast of 3 percent economic growth in 2005 is "further away than it was in July", owing to the increase in oil prices, Economy and Finance Minister Pedro Solbes said Tuesday.

Speaking at the opening of the Inter economy Forum in Madrid, Solbes said that he planned to wait until fourth-quarter figures for this year before making a concrete forecast.

He added that he expected third-quarter growth in gross domestic product for Spain to come in at 2.6-2.7 percent compared with 2004.

Last Friday, European Union Economic and Monetary Affairs Commissioner Joaquin Almunia told reporters that he considered the 3.0 percent growth forecast to be "optimistic".

[Copyright EFE with Expatica]

Subject: Spanish news

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