Spain's new prime minister Mariano Rajoy was sworn in Wednesday, vowing to revive the country's economy.

Spain's King Juan Carlos swore in the new conservative prime minister in a ceremony at the Zarzuela palace in Madrid.

Mr. Rajoy promised to show loyalty to the king and to safeguard the constitution. He is expected to announce his new Cabinet later Wednesday.

On Tuesday, Spain's parliament voted to approve Mr. Rajoy as prime minister. Last month, his center-right Popular Party ousted the socialist party of outgoing Prime Minister Jose Luis Rodriguez Zapatero in an election dominated by the economy.

Mr. Rajoy said Tuesday conditions in Spain will be difficult, but that he is determined to create opportunities and take Spain forward.

The new prime minister takes power with Spain teetering on the brink of recession and struggling with one of Europe's highest unemployment rates. Mr. Rajoy has promised to cut $22 billion from Spain's massive deficit through deep spending cuts, but he says pensions will not be touched.