Spain’s Economy Outstrips Rest in Eurozone

The Spanish economy now is on a roll since it grew 0.9 percent for the first quarter of 2005 and before that year, it was 3.3 percent.

And according to analysts, this has been the largest increase rate for three years now, and this level of growth surpassed other countries in the Eurozone.

Gross domestic product (GDP) expanded at an annual rate of 3.2 percent in the fourth quarter of 2004.

The first quarter GDP growth gave a strong command on the surging domestic demand, up to 5.8 percent on a 12 month basis compared to a 5.5 percent in the previous quarter, as reported by the Spanish National Statistics Institute (INE) in a statement.

Posted on: Spain

May 9, 2005

COMPETITOR: New High Debt From Spain’s Property Boom

Household debt levels hit new record highs largely as a result of Spaniards being forced to take on increasingly bigger mortgages to finance the purchase of the family home, following staggering rises in property prices since the second half of 1996.

According to figures released by the Bank of Spain, the financial debt of Spanish households hit a record of €595.18 billion in 2004, equivalent to 74.5 percent of the country’s gross domestic product. The increase in debt over 2003 was 17.5 percent - about the same rise in house prices last year - to a level almost triple the amount in 1996 when the current property boom started to kick in. read more

Posted on: Spain

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Spain’s Economy Outstrips Rest in Eurozone

COMPETITOR: New High Debt From Spain’s Property Boom

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