May 26, 2005
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.
These growth figures was then collated and collected according to a different way of calculating and comparing date, sad a spokesman of the Spanish National Statistics Institute (INE).
It is expected that the 12 percent decrease they are hoping will not reach the first quarter of 2005 as equity gains still remain at 17 percent. The statistics is actually based on just released official figures, sowing the forecast property as that. Property inflation, as shown by the Bank of Spain, is still maintaining the same rate as that of last year and if that same rate sill exists until the end of this year, there is a chance that official property buyers will be presented with a growth bonus of an additional 30 percent.
With this growth bonus, offhand property buyers welcome this sudden new development since more than 100 buyers will benefit from this. Properties that avail of this growth bonus are located at the “early bird” off plan development in Costa Blanca and Costa Calida, known to be the biggest property development in Spain with an enormous hike of 25 percent in 2004. And with this new development, investors in Spain should be prepared for a very good year as the addition of the phase by phase price increases of the developers.
Posted on: Spain
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