Spain to spend EUR 4.7bn on research by 2006

2 September 2005

MADRID — Spending on research and development is to rise by EUR4.7 billion in the next two years as Spain attempts to catch up with other advanced economies.

María Teresa Fernández de la Vega, deputy prime minister, announced a 28.4 percent rise in the budget to 2007.

It follows a pledge in June by Spanish prime minister José Luis Rodríguez Zapatero to give two percent of the country’s gross domestic product (GDP) towards research and development projects.

Analysts say Spain lacks technological infrastructure for its growing economy, but Zapatero wants to make the country among the ‘top ten’ members of the European Union in this field by 2010.

The announcement of more cash for research and development on Friday came as the government revealed how it is going to spend the budget for next year.

Fernández de la Vega said the country was in a “good position” and priority projects would be education and housing.

Earlier this week it was announced Spain’s economy had grown by 3.4 percent in the second quarter of this year with respect to the same period last year.

[Copyright EFE with Expatica]

Subject: Spanish news