Cemex 1997 Annual Report Download - page 21

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15
EUROPE OPERATIONAL REVIEW
The Spanish economy showed strong improve-
ment during 1997. GDP increased 3.4% for the
year, spurred by low inflation, higher employ-
ment and lower interest rates.
During the year, the Spanish government
took major steps to quell any questions about its
ability to join the European Union. It reduced
inflation to 2% and cut the deficit to 2.6%.
Moreover, interest rates declined dramatically.
Tourism, the country’s fastest-growing sector,
benefited from the peseta’s lower exchange rate
and northern Europeans’ improving standard of
living.
In 1998, the nation’s GDP is projected to rise
around 3.3%. Greater confidence in the coun-
try’s economy, combined with increasing public
sector investment, should help spur continued
growth.
CEMEX SPAIN
Spain Bridges Denmark And Sweden
Spain’s strong economic growth, coupled with
lower interest rates, led to increased construc-
tion sector activity. For the year, domestic
cement demand rose 8.2% versus 1996.
In 1998, we anticipate that domestic cement
consumption will increase around 5% over
1997. Our major new construction projects
include the North European bridge between
Denmark and Sweden and Bilbao’s new inter-
national airport.
Improving
Europe buoys
markets
Bridging Europe
CEMEX SpainÕs state-of-the-art
customer laboratory.
The North European bridge Ñ linking
Denmark and Sweden Ñ is a testament to
CEMEXÕ expertise, state-of-the-art tech-
nology and openness to exploring new
ways to solve challenging problems.
CEMEX SpainÕs Buol laboratory designed
a special cement that can withstand the
extreme weather of the Baltic Sea. The
lab also offers the technical assistance
required to complete this important
undertaking.