Spain: Economy no longer running smoothly but better than the western European average

With an increase in real GDP of 2%, the Spanish economy expanded more strongly in 2002 than the western European average. The unemployment rate rose to 11.4% for the year. Prices increased by 3.6%. In 2003 real GDP will grow by around 2¼%. On the labour market the situation will deteriorate slightly. Unemployment will average 12% for the year, and the price increas should be about 3½% higher than the previous year. In 2004 GDP will increase by around 3%. The unemployment rate will decrease to 11½%, and prices will increase by 2¾%.