Spain launches €11 billion stimulus package

From Wikinews, the free news source you can write!

Friday, November 28, 2008

Spain

Other stories from Spain

• 10 December 2009: 2009–10 UEFA Champions League: Round of 16 field set
• 6 December 2009: Western Sahara campaigner still blocked from returning home by Moroccan authorities; on twentieth day of hunger strike
• 15 November 2009: European Union emerges from recession
• 13 November 2009: British Airways and Iberia agree to merge
• 8 November 2009: Families appeal to Spain's government to negotiate with Somali pirates

...More articles here

Location of Spain

To write, edit, start or view other articles on Spain, see the Spain Portal

Spain has launched a €11 billion stimulus plan intended to boost the weakening economy and create 300,000 jobs. José Luis Rodríguez Zapatero, the Prime Minister of Spain, says that the money will be spent mostly in infrastructure and public works.

Zapatero in France in 2007
Image: Guillaume Paumier.

A portion of the package will aim to assist Spain's auto industry, which accounts for a fifth of Spanish exports and has been hit hard by the economic crisis, having seen sales plummet 54.6% since the beginning of the year.

The plan represents 1.1% of Spain's gross domestic product, and is a part of the €200 billion stimulus announced by the European Union.

Spain's economy is in a sharp downturn due to a crash in the construction sector. Spanish GDP shrank 0.2% in the third quarter, the first such decline in fifteen years. Spain's unemployment rate reached 11.3% in September, a record for the European Union.

Germany launched a similar package worth €50 billion, and France is expected to launch economic measures worth €20 billion next week as well.

Sources

• "Spain unveils 11bn euro stimulus". BBC News Online, November 27, 2008
• "Spain: economic stimulus plan to create jobs". Associated Press, November 27, 2008
  

Share this:

This page is archived, and is no longer publicly editable. Got a correction? Add the template {{editprotected}} to the talk page along with your corrections, and it will be brought to the attention of the administrators. Please note that due to our archival policy, we will not alter or update the content of articles that are archived, but will only accept requests to make grammatical and formatting corrections. Note that some listed sources or external links may no longer be available online due to age.