Spain unveils economic stimulus plan

Friday, 28 November 2008, 08:00 Hrs
Printer Print Email Email
Madrid: The Spanish government is working on a $14-billion rescue package aimed at generating jobs and stimulating the economy.

Prime Minister Jose Luis Rodriguez Zapatero told parliament Thursday the new "urgent" measures were intended to mitigate the effects of the global financial crisis and create up to 300,000 new jobs, EFE reported Friday.

The prime minister said the rescue package - equivalent to one percent of the country's gross domestic product (GDP) would be raised from a special credit, adding that $800 million would be earmarked for the automobile industry which has been worst-hit in the global market crunch.

The Spanish economy shrank 0.2 percent in the third quarter of this year compared to the previous three-month period amid the collapse of the country's construction sector.

It was the first time Spain's economy has contracted since 1993 and now faces recession.
Source: IANS
SpiceJet plans aggressive
Budget passenger carrier SpiceJet plans to aggressively expand its international networks to fl..
Fossil Group sells smartwatch
Global watch and accessories maker Fossil Group has announced to sell its smartphone technolog..
GST rate cut to spur Bengaluru
The realty market in India's tech hub is set to grow as lower Goods and Services Tax (GST) rate..
Ola raises Rs 400 cr for electric
Leading ride-hailing cab aggregator Ola on Friday said it raised Rs 400 crore from its early in..