Spain Sees Progress on Deficit and Unemployment – Always

By | February 16, 2011

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Spain’s jobless numbers fell for the first time in five months in December,data showed Tuesday, and the prime minister said the government beat its target for reducing its public sector deficit last year as it fights to fend off a debt crisis.

Weighed down by massive unemployment and shrinking tax revenue, Spain has seen premiums demanded by investors to hold its debt soar in the last six months on concerns its control over public finances was slipping.
In a radio interview, Prime Minister José Luis Rodríguez Zapatero said the country would beat last year’s target, which was to reduce the broad public sector deficit, including regional administrations and state agencies, to 9.3 percent of gross domestic product, from from 11.2 percent of G.D.P. in 2009.
Mr. Zapatero added that high unemployment continued to be a main concern for the government.
“In 2011, growth will consolidate and we will create net jobs over the year, but we’re a long way from seeing the employment growth that we’d like to see,” Mr. Zapatero said.
Jobless numbers dropped by 0.25 percent in December from a month earlier to 4.1 million, the Labor Ministry said on Tuesday.

source: New York Times
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