Solbes lowers growth forecast for 2005
13 December 2004, MADRID- The Spanish government lowered its 2004 economic growth forecast to 2.6 percent from 2.8 percent.
13 December 2004
MADRID- The Spanish government lowered its 2004 economic growth forecast to 2.6 percent from 2.8 percent.
Spain has also cut its growth forecast for 2005 to 2.9 from three percent.
Economy Minister Pedro Solbes told the Spanish senate, or upper house, that a "difficult" international environment and high oil prices were behind the downward revision.
In its new forecast for 2005, he said, the government was basing its assessment on an average oil price of 45 dollars a barrel rather than the previous estimate of 33.5 dollars.
[Copyright EFE with Expatica]
Subject: Spanish news