Overview of the Spanish economy
The economy of Spain has for several years been registering healthy results. This economic vitality is illustrated by the numerous investments of this country's companies in Latin America in the sectors of telecommunications, energy and banks. These investments, which amount to 111.5 billion francs in 1999, are, for the first time, superior to the investments of the United States in this region of the world.
Another strong point of Spanish economy is its 3.7% rate of growth in 1999. This rate is explained by a strong interior demand and, at the same time, by an improved household power of purchase and the strong financial situation of companies.
In addition, State debt decreased from 76% of GNP in 1996 to 66.4% in 1999. Spain is also making progress in the area of unemployment, since it has become the leading European country in the creation of full-time jobs (450,000 in 1999). The rate of unemployment, which exceeded 20% three years ago, should decrease to 14.2% in 2000.
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Source: French EU Presidency 2000
