March 12, 2014 / 10:41 AM / 3 years ago

Spain says lower social security to add 0.3 pct to GDP growth

MADRID, March 12 (Reuters) - Spain's moves to cut the first two years of social security contributions for companies' new hires will add 0.3 percent to growth of gross domestic product, Labour Minister Fatima Banez said on Wednesday.

Prime Minister Mariano Rajoy announced the measures in February as part of a drive to cut one of Europe's highest jobless rates.

Spain's economy emerged from a lengthy recession in the second half of last year and output is expected to expand by 1 percent this year.

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