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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