Spain will cut spending by nearly euro50 billion to rein in a deficit that has swelled to an outsized 11.4 percent of gross domestic product as the country struggles with recession, officials said Friday.

The economy’s faster-than-expected growth at the end of last year, fueled by companies boosting output to keep stockpiles up, is likely to weaken as consumers keep a lid on spending.

Stocks are mostly higher after the government’s gross domestic product report showed that the economy grew at its fastest pace in six years.

European stock markets closed higher Friday after data showed the U.S. economy grew at its fastest rate in over six years during the final three months of last year. Wall Street rose but later lost some of those gains.

The U.S. economy grew at the fastest pace in more than six years during the fourth quarter of 2009, according to a government report Friday.

DAVOS, Switzerland — Greek and European officials moved Friday to quash market buzz that Athens could find itself in too deep a financial hole to save itself, potentially saddling European governments with a costly bailout.

The Bridger-Teton National Forest has proposed restricting oil and gas leasing on 70 square miles of the Wyoming Range, the latest development in a five-year debate over drilling in the mountains.