Caruana on the Spanish economy in 2005

In the speech 'Overview of the Spanish economy in 2005' given on 15 June Jaime Caruana of the Bank of Spain said throughout last year and in early 2006, the expansionary cycle of the Spanish economy continued and intensified.

This was in contrast to the difficulties experienced in the euro area as a whole in emerging from the phase of low growth currently in train, Caruana said.

"Spanish GDP increased by 3.4% in 2005, while employment advanced at an equally high rate of 3.1%. In both cases, these

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