BBC NEWS: Economy holds strong ahead of Spain election - by Marian Hens
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Economy holds strong ahead of Spain election - by Marian Hens
Spain boasts the world's eighth largest economy with a yearly growth of 3.75%, double the European average. The country has a modern and solid banking sector, has been running budget surpluses and created around 600,000 jobs each year, reducing unemployment from 25% in 1994 to a staggering 8.6%.
"Spain's extraordinary economic growth over the last 14 years is the result of a combination of exceptional circumstances, such as cheap credit, vast amounts of EU funds, and a booming housing market", says Miguel Angel García, co-author of the report The Spanish Economy in 2008, published by CCOO, one of the country's main trade unions. The election is expected to be very close.
