Spanish growth up 3.7pc, highest for four years

30th August 2006, Comments 0 comments

30 August 2006, MADRID — Spain's economy expanded at its fastest annual rate for four years in the second quarter, according to figures released on Wednesday.

30 August 2006

MADRID — Spain's economy expanded at its fastest annual rate for four years in the second quarter, according to figures released on Wednesday.

The National Statistics Institute said the economy grew 3.7 percent year-on-year from April to June.

An increase in exports helped to offset for slower domestic demand, official data showed.

Spain grew 0.9 percent quarter-on-quarter during the period.

Spanish inflation, the highest in the 12-country euro zone, fell to a lower-than-forecast 3.8 percent in August.

This was because of a fall in oil prices and summer discounts.

Inflation had been at 4 percent July.

Economists said the data suggested a forecast slowdown in Spain's 2007 growth could be milder than expected.

It may help to cut the country's dependence on the housing sector.

[Copyright EFE with Expatica]

Subject: Spanish news

 

 

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