Fresh doubts for economy in 11 March aftermath
1 April 2004
MADRID – The net profits of non-financial companies in Spain rose by 15.9 percent in 2003, the Bank of Spain said Thursday.
The net results of these companies were a huge improvement compared with those in 2002, when there was only a moderate increase in pre-tax profits of just 1.2 percent.
The Bank said most companies, with the exception of heavy industry, showed a “good position” to take advantage of the international economic recovery.
However, analysts added that even in this favourable position, it was difficult to predict the situation “after the uncertainty caused by the 11 March attacks in Madrid”.
The report explained that business activity last year rose in comparison with the year before principally because of the ” positive evolution” of consumer spending and the construction industry.
The Bank also said the Spanish economy was in a healthy position partly because of s investment and despite the negative effect of a downturn in foreign investment.
The latest results were released in a report on the quarterly balances of Spanish business.
[Copyright EFE with Expatica]
Subject: Spanish news