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Economy continues to grow

Published on 26/05/2004

26 May 2004

MADRID – Spain’s economy grew 2.8 percent during the first quarter compared to the same period in 2003, the National Statistics Institute (INE) reported Wednesday.

Officials said average wages grew 2.1 percent in the January-March period due to 343,000 jobs being created.

Growth was fuelled by a 3.8 percent increase in domestic demand, compared to the 3.1 percent gain posted last year.

Spain’s gross domestic product (GDP) rose by 0.60 percent compared to the fourth quarter of 2003.

Growth in investment rose from 2.5 percent to 3 percent, led by robust spending on capital equipment.

Construction, one of Spain’s booming sectors, saw growth slow to 3.6 percent due to lower spending on infrastructure projects.

Export growth accelerated from 1.8 percent to 4.1 percent, while growth in imports jumped from 2.7 percent to 6.7 percent, officials said.

[Copyright EFE with Expatica]

Subject: Spanish news