Spain launches €11 billion stimulus package
Friday, November 28, 2008
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.
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.
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.
- "Spain unveils 11bn euro stimulus" — , November 27, 2008
- "Spain: economic stimulus plan to create jobs" — , November 27, 2008