Bank of Spain - Annual Report 2005

According to the Bank of Spain's Annual Report 2005, the Spanish economy grew by 3.4%, 0.3% more than in the previous year.

"The expansion of output was based, as in the preceding years, on the buoyancy of national demand, which increased at a rate of more than 5%, while net exports subtracted almost 2 pp from annual GDP growth. This behaviour of the external sector contributed to a substantial increase in the nation's net borrowing, while the growth in national demand was accompanied by a strong

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