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Spanish Economy Strong Outside of Construction Sector: CEO

Thursday, 13 Oct 2011 | 3:15 AM ET

"The Spanish economy is in a tough situation. It is true that we have a strong reduction in the construction sector - construction represents 60 percent of GDP. But if you take this out, the rest of the economy is doing well and growing by 2.6 to 2.7 percent," Baldomero Falcones, chairman & CEO of FCC (Fomento de Construcciones y Contratas), told CNBC.