Spain unveils 11bn euro stimulus
Spain has launched an 11bn euro (£9.2bn) plan aimed at boosting the
economy and creating 300,000 jobs.
The plan, which represents 1.1% of the Spain's Gross Domestic Product
(GDP), is part of the European Union's 200bn euro stimulus announced on
Wednesday.
The money will be mainly invested in infrastructure and public works,
Spain's prime minister Jorge Luis Rodriguez Zapatero said.
Spain's unemployment reached 11.3% in September - an EU record.
Construction crisis
The Spanish government said it would invest 0.8bn euros in the ailing
car industry, which has been through a severe downturn and seen sales
plummet 54.6% since the beginning of the year.
The construction industry has also been severely hit by the financial
crisis, with property prices falling and companies slashing thousands of
jobs.
The Spanish economy shrank by 0.2% in the third quarter, putting an end
to 15 years of continuous growth.
The European Commission has demanded that each EU member must spend
about 1.2% of GDP to fight the economic slowdown.
Germany launched a similar 50bn euro package, while next week France is
expected to unveil economic measures worth 20bn euros.
Story from BBC NEWS:
http://news.
Published: 2008/11/27 18:12:34 GMT
Friday, 28 November 2008
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