Spain Plans to spend $8.2 Billion to boost growth

Spain Plans to spend $8.2 Billion to boost growth

Spanish Prime Minister Mariano Rajoy informed that his government will divulge a package worth 6.3 billion euros ($8.6 billion) as stimulus to increase efficiency and competitiveness for the fifth-largest economy of Europe.

Rajoy, in a conference in Sitges, Spain mentioned that the growth program will arrange for more than 6 billion euros of spending and that will followed up with alteration in employment rules of the country prior to government winding down its activity in August for a summer break.

During the first quarter the economy of Spain gained momentum as the household as well as the government spending counterbalanced a turn down in exports. The Prime Minister is counting on a revival from a slump of six-year to deal with the budget shortfall in the middle of a jobless rate of 25 percent.

Rajoy said, "Things have changed in a very significant way," There's been a "radical change of trend."

The unemployment rate of the country is close to 26 per cent which is among the highest in the developed countries. Many Spaniards who are in their working-age have either lost hope for getting a suitable job or they departing the country looking for work outside, reveals the official data.