Spain's Crown Prince Felipe pointed here Thursday to "eloquent" data that demonstrate the improvement of his country's economy.

"Spain is recovering competitiveness. Productivity has increased noticeably and we have a more solvent and efficient financial sector," the prince said during the inauguration of the 10th Ibero-American Business Encounter in Panama City.

A score of Spain's leading firms are taking part in the encounter, one of the activities associated with the Oct. 18-19 Ibero-American Summit.

"The Spanish economy is finding its way," Felipe said.

"Many of the principal imbalances have been corrected and we have regained international confidence, as attested by the entry of capital in recent months, the wager by large investment groups and the considerable fall in the (country-) risk premium," the crown prince said.

The recovery in Spain - the No. 4 economy in the euro zone - rests on "solid foundations," he said.

Spanish companies are global leaders in several key sectors, including renewable energy, infrastructure management, biotechnology and water treatment, Prince Felipe said.

This year's Ibero-American Summit will be the first one not attended by Spain's King Juan Carlos, who recently underwent hip surgery.

While Madrid will be officially represented at the summit by Prime Minister Mariano Rajoy, Crown Prince Felipe is to take part in the inauguration and the gala dinner. EFE