Bank of Spain makes pessimistic on economy

SPAIN - Jaime Caruana, governor of the Bank of Spain, yesterday announced the bank's economic predictions. The central bank is expecting growth this year of no more than 2 per cent, two tenths of a percentage point lower than the government's prediction.

In 2003 it is expecting growth of 2.5 per cent, El Pais reported, compared with the government's prediction of 3 per cent.

Mr Caruana, speaking at the congressional budget commission, said that the slowdown of the Spanish economy had continued