Spain scales backgrowth forecast
30 July 2004, MADRID - Spain's predicted rate of economic growth in 2004 will be 2.8 percent not 3 percent as had been expected, the Economy Minister said Friday.
30 July 2004
MADRID - Spain's predicted rate of economic growth in 2004 will be 2.8 percent not 3 percent as had been expected, the Economy Minister said Friday.
Pedro Solbes laid out his projections at a meeting of Prime Minister Jose Luis Rodriguez Zapatero's cabinet, the last prior to the summer recess.
The rise in gross domestic product will be 2.8 percent compared with 2.4 percent last year.
Solbes estimates Spain's gross domestic product will grow 3 percent in 2005.
The daily newspaper Expansion reported on Friday that the government thought growth would be lower than had been expected because demand from abroad was weak owing to the rise of oil prices.
These are the first budget estimates which the Socialist government has put forward since they came to power in March in a shock victory, three days after the Madrid terrorist attacks.
[Copyright EFE with Expatica]
Subject: Spanish news