Spain to spend 33 billion euros in 2009 to revive economy
Posted: 14 December 2008 0645 hrs
MADRID: Spain's prime minister Saturday promised the government would spend 33 billion euros next year in an "historic" effort to kick-start an economic recovery amid the global downturn.
Jose Luis Rodriguez Zapatero said that 2009 "would be an historic year in terms of launching public works programmes."
Of a total of 33 billion euros (44 billion dollars) to be spent, 19 billion would go toward transport infrastructure, 5.0 billion on projects linked to the environment and 8.0 billion invested in local authorities, he told a meeting of Socialist mayors.
The government on November 27 announced an 11-billion-euro economic stimulus package for 2009 to help the country cope with the global financial crisis.
The figures quoted by Zapatero Saturday include that plan as well as other spending plans that had not yet been evaluated.
Spain's economy, once one of the most dynamic in the eurozone, is on the brink of recession after gross domestic product contracted 0.2 per cent in the third quarter as unemployment soared to 11.3 per cent.
- AFP/yt
Link: http://www.channelnewsasia.com/stories/afp_world_business/view/396169/1/.html
Posted: 14 December 2008 0645 hrs
MADRID: Spain's prime minister Saturday promised the government would spend 33 billion euros next year in an "historic" effort to kick-start an economic recovery amid the global downturn.
Jose Luis Rodriguez Zapatero said that 2009 "would be an historic year in terms of launching public works programmes."
Of a total of 33 billion euros (44 billion dollars) to be spent, 19 billion would go toward transport infrastructure, 5.0 billion on projects linked to the environment and 8.0 billion invested in local authorities, he told a meeting of Socialist mayors.
The government on November 27 announced an 11-billion-euro economic stimulus package for 2009 to help the country cope with the global financial crisis.
The figures quoted by Zapatero Saturday include that plan as well as other spending plans that had not yet been evaluated.
Spain's economy, once one of the most dynamic in the eurozone, is on the brink of recession after gross domestic product contracted 0.2 per cent in the third quarter as unemployment soared to 11.3 per cent.
- AFP/yt
Link: http://www.channelnewsasia.com/stories/afp_world_business/view/396169/1/.html