Spain: Dynamic economy and its negative aspects

In Spain the economy expanded continuously in 2003 into the autumn, and then growth accelerated. Real gross domestic product increased by 2.4%. The situation on the labour market improved on the whole, but in spite of the rise in employment by 1¾%, the unemployment rate remained at 11.3% for the year, since the workforce grew appreciably. Consumer prices were 3.1% above the level of 2002. In 2004 real GDP will grow by approximately 3% and unemployment will stand at 11% for the year. Prices will increase by 2¾%. In 2005 real GDP will grow by 3¼%, inflation will stand at 3% for the year and the unemployment rate will fall to 10½%.