Spanish growth outstrips leading European rivals

25th May 2005, Comments 0 comments

25 May 2005, MADRID — The Spanish economy grew 0.9 percent in the first quarter from the previous three months and was up 3.3 percent from a year earlier.

25 May 2005

MADRID — The Spanish economy grew 0.9 percent in the first quarter from the previous three months and was up 3.3 percent from a year earlier.

It is the largest growth in the economy for three years, analysts said.

The level of growth outstripped many leading countries in the so-called eurozone.

In the 2004 fourth quarter, gross domestic product expanded at an annual rate of 3.2 percent.

First-quarter GDP growth was driven by surging domestic demand, up 5.8 percent on a 12-month basis compared with 5.5 percent in the previous quarter, the Spanish national statistics institute (INE) said in a statement.

The growth figures were compiled according to a new way of calculating and comparing this data, an INE spokesman said.

[Copyright EFE with Expatica]

Subject: Spanish news


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