Spain Economy Shrinking

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Spain Economy Shrinking

News Article Date: Tuesday 30th of November 1999

from the Associated Press MADRID, Spain (AP) Spain's finance minister says the country's economy will contract 1.6 percent this year and unemployment will jump to nearly 16 percent. Minister Pedro Solbes has released estimates that illustrate a dramatic decline in an economy that had been one of Europe's great success stories. Solbes says the government in 2009 will run a deficit equivalent to 5.8 percent of GDP, nearly double the 3 percent target limit set by the EU. Solbes spoke to reporters Friday after a Cabinet meeting at which a major revision of Spanish economic growth forecasts and other figures was presented
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