The Spanish economy looks to be crawling out of the swamp of recession as the government delivered a budget free from unpopular cuts to health and education and no tax rises.
The 2014 budget package is based on estimates that GDP will grow 0.7 percent up from the 0.5 percent predictions.
The financial plan marks a change from 2013, a budget packed with tax hikes and spending cuts.
Economic Minster Luis de Guindos expressed his hopes for a better 2014: “Europe’s developed countries saw a sharp decline in economic activity in 2009. Yet in 2010/11 they recovered. Spain saw a tiny 0.1 percent growth in 2011 and in 2012 we had another fall. Next year there will be the first real signs of increased economic activity.”
Any economic boost is welcome, but the country is still racked by high unemployment currently running at 26.3 percent with 55 percent of those under 25 out of work.
The government believes the total number of those without jobs will fall slightly next year, but not enough to boost tax revenue.
With retail sales still sluggish and inflation near zero the country is not yet out of the mire.
Copyright © 2014 euronewsMore about:
- 1Spanish unemployment falls again, but economic outlook is dimmer
- 2The nightmare continues for Tesco
- 3Boeing sells aviation material to Iran for first time since 1979
- 4Hungarian internet tax proposal angers net users and providers
- 5Who passed? Financial world braces for eurozone bank stress test results
- 1euronews live TV - News | euronews : the latest international news as video on demand
- 2Now is ‘right time’ for Catalonia independence vote, says Mas | euronews, world news
- 3Vatican rocked by another paedophilia scandal | euronews, world news
- 4Two container ships collide on Egypt’s Suez Canal | euronews, no comment
- 5British Muslims’ message to ISIL: Not in my name! | euronews, world news
- 6Revealed: Europe’s capital cities where it’s hardest to be a foreigner | euronews, world news
- 7Sweden becomes first European nation to recognise Palestine | euronews, world news
- 8European Union News | euronews: latest breaking news and headlines about European Union
- 9International tv news | euronews: European and International tv news bulletin
- 10How nasheeds became the soundtrack of jihad | euronews, world news
- 11Iceland volcano ‘pollutes Paris’ | euronews, world news
- 12Ebola: Six new suspected cases in Spain | euronews, world news
- 13Learning through “serious games” | euronews, learning world
- 14Mike Tyson: ‘You learn humbleness when you get older in life’ | euronews, the global conversation
- 15International breaking news | euronews online world breaking news in video
- 16US says ISIL makes $1 million-a-day selling oil – even to enemies | euronews, world news
- 17US delivers technical aid to Ukraine but warns over security | euronews, world news
- 18euronews apps : iPhone, iPad, Android, Windows Phone 8, Windows 8, Nokia S40, Nokia Asha, Smart TV and Google Glass
- 19Global warming to ‘cause 250,000 extra deaths a year’ | euronews, world news
- 20All you need to know about the Ebola virus | euronews, world news
Wires > Business
- 12:02 CET Russian government approves law to clamp down on offshore tax…
- 12:00 CET Greybull Capital buys UK’s Monarch
- 11:31 CET Deutsche Bank lawyer found dead in apparent NY suicide – WSJ
- 10:11 CET Areva-Siemens raises claim to $4.4 billion over Finnish reactor…
- 08:48 CET India’s finance minister favours interest rate cut – paper
- 08:34 CET China’s auto market growth may halve to 7 percent this year -…
- 07:39 CET South Korea fund to abstain from Samsung merger vote, wants share…
- 01:01 CET Analysis – Wall Street finally turning on Amazon as Bezos magic…