Southern Europe gets unexpected lift from oil slide
Countries in region gain economically from the plummeting price through lower energy costs and increased buying power for consumers
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Berlin
THE plunging oil price is giving an unexpected lift to Europe's crisis-battered southern periphery as decreasing fuel costs help spur demand.
Spain, Europe's fourth-largest economy, could add as much as one per cent to annual growth with oil prices between US$80 and US$90 a barrel, the government said. Italy, which is in its fourth year of recession, stands to boost Gross Domestic Product 0.3 percentage points with a sustained US$10 oil price drop, according to BNP Paribas SA.
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