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February 11, 2011    

Spanish economic growth edges higher in Q4

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by Kay Mitchell

Provisional estimates have revealed Spain’s economy grew 0.2% in the fourth quarter of 2010.

However, the economy contracted 0.1% during 2010, the National Statistics Institute (INE) said today.

The news is a further blow to the economy which has the highest unemployment rate in the industrialised world - at more than 20%.

The country has been hit by a severe slump within its key construction industry, which has led to a significant amount of job losses.

Today, the Government announced a plan to curb unemployment - which includes financial aid for companies to recruit people under 30 and for the long-term jobless.

Meanwhile, Spain, which is Europe’s fifth largest economy, is endeavouring to regain investor confidence after speculation mounted that it would be the next country to seek an emergency bailout.

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