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| Spain unveils 11bn euro stimulus | Spain unveils 11bn euro stimulus |
| (about 17 hours later) | |
| Spain has launched an 11bn euro (£9.2bn) plan aimed at boosting the economy and creating 300,000 jobs. | Spain has launched an 11bn euro (£9.2bn) plan aimed at boosting the economy and creating 300,000 jobs. |
| The plan, which represents 1.1% of the Spain's Gross Domestic Product (GDP), is part of the European Union's 200bn euro stimulus announced on Wednesday. | The plan, which represents 1.1% of the Spain's Gross Domestic Product (GDP), is part of the European Union's 200bn euro stimulus announced on Wednesday. |
| The money will be mainly invested in infrastructure and public works, Spain's prime minister Jose Luis Rodriguez Zapatero said. | |
| Spain's unemployment reached 12.8% in October - the highest in the eurozone. | |
| Construction crisis | Construction crisis |
| The Spanish government said it would invest 0.8bn euros in the ailing car industry, which has been through a severe downturn and seen sales plummet 54.6% since the beginning of the year. | The Spanish government said it would invest 0.8bn euros in the ailing car industry, which has been through a severe downturn and seen sales plummet 54.6% since the beginning of the year. |
| The construction industry has also been severely hit by the financial crisis, with property prices falling and companies slashing thousands of jobs. | The construction industry has also been severely hit by the financial crisis, with property prices falling and companies slashing thousands of jobs. |
| The Spanish economy shrank by 0.2% in the third quarter, putting an end to 15 years of continuous growth. | The Spanish economy shrank by 0.2% in the third quarter, putting an end to 15 years of continuous growth. |
| The European Commission has demanded that each EU member must spend about 1.2% of GDP to fight the economic slowdown. | The European Commission has demanded that each EU member must spend about 1.2% of GDP to fight the economic slowdown. |
| Germany launched a similar 50bn euro package, while next week France is expected to unveil economic measures worth 20bn euros. | Germany launched a similar 50bn euro package, while next week France is expected to unveil economic measures worth 20bn euros. |