{ "title": "Spanish Recovery: Key Numbers", "publication": "IMF News, October 6, 2017", "sourceUrl": "https://www.imf.org/en/news/articles/2017/10/04/na100617-spanish-recovery-key-numbers", "canonical": "https://www.imf.org/en/news/articles/2017/10/04/na100617-spanish-recovery-key-numbers", "overlayPath": "/en/news/articles/2017/10/04/na100617-spanish-recovery-key-numbers/index.md", "summary": "

Spain is a success story, as far as recoveries go. In a few key figures, here is what the country has achieved and where it has to do more.

", "publishDate": "2017-10-06", "sections": [ { "heading": "Overview", "content": "- Spain has been a success story as crisis recoveries go; the economy expanded for the fourth year in a row and “took the right reforms” after the 2008 slump.\n- Despite healthy growth and regained competitiveness, major challenges remain: high unemployment, low productivity, and high net indebtedness to foreign creditors." }, { "heading": "Growth and GDP", "content": "- 3.3% — Spain’s GDP finally surpassed its pre-crisis level in the first half of 2017.\n- 3.3% — Growth in 2016; Spain grew nearly twice as fast as the euro area average.\n- Recovery drivers: consumption, investment, and exports." }, { "heading": "External Position / Current Account", "content": "- 1.9% — Spain moved from a large current account deficit of 9.6 percent of GDP in 2007 to four consecutive years of surplus, reaching nearly 2 percent of GDP in 2016.\n- Contributing factors: strong exports including services, a lower energy trade deficit due to low oil prices, and lower interest payments." }, { "heading": "Fiscal Balance and Public Debt", "content": "- 4.5% — General budget deficit in 2016.\n- Fiscal trajectory: deficit is on track to slide under the 3-percent threshold set by the European Union by 2018, enabling exit from the EU’s excessive deficit procedure that has been in place since 2009.\n- 99.4% — Government debt ratio is nearly 100 percent of GDP, almost three times higher than on the eve of the financial crisis.\n- Policy recommendation: IMF recommends reforms primarily to the tax system to increase revenues, which could serve as a cushion in harder times." }, { "heading": "Unemployment and Labor Market Challenges", "content": "- 17.2% — Unemployment rate (current), down 10 percentage points from its 2013 peak.\n- 3.9 million — Number of Spaniards without jobs.\n- Distributional concerns: situation especially dire for low-skilled youths and those out of work for longer than a year.\n- Policy recommendations: strengthen, better target, and coordinate job search assistance and labor market programs such as training." }, { "heading": "Employment Composition and Job Quality", "content": "- 25% — Share of all euro area jobs created over the past year that were in Spain, aided by wage moderation and labor market reforms.\n- 79% — Share of Spaniards working in the service sector.\n- Job quality issue: just over half of the new jobs are temporary, which tend to be less productive and leave workers in uncertainty.\n- Policy recommendation: reduce costs associated with open-ended job contracts." }, { "heading": "Banking Sector and Nonperforming Loans", "content": "- 8.4% — Ratio of nonperforming loans for bank operations in Spain.\n- 5.5% — Ratio of nonperforming loans when Spain’s banks’ extensive foreign business is taken into consideration.\n- Policy recommendation: banks should accelerate balance sheet clean-up to become more resilient to shocks and to facilitate the provision of new credit to the economy.\n\nIMF Country Focus — Spanish Recovery: Key Numbers, October 6, 2017\n\n---\n\n\n References\n\n- https://www.imf.org/en/News/country-focus\n- PRESS CENTER\n- IMF Country Focus\n- Read the report\n- Read the financial assessment\n- Spain and the IMF\n- https://www.imf.org/en/home\n\nSource: https://www.imf.org/en/news/articles/2017/10/04/na100617-spanish-recovery-key-numbers" } ], "bullets": [ "[Markdown version](/en/news/articles/2017/10/04/na100617-spanish-recovery-key-numbers/index.md)", "[Structured JSON version](/en/news/articles/2017/10/04/na100617-spanish-recovery-key-numbers/index.json)", "[Bundle manifest](/en/news/articles/2017/10/04/na100617-spanish-recovery-key-numbers/bundle-manifest.json)", "Published: October 6, 2017", "Spain has been a success story as crisis recoveries go; the economy expanded for the fourth year in a row and “took the right reforms” after the 2008 slump.", "Despite healthy growth and regained competitiveness, major challenges remain: high unemployment, low productivity, and high net indebtedness to foreign creditors.", "3.3% — Spain’s GDP finally surpassed its pre-crisis level in the first half of 2017.", "3.3% — Growth in 2016; Spain grew nearly twice as fast as the euro area average.", "Recovery drivers: consumption, investment, and exports.", "1.9% — Spain moved from a large current account deficit of 9.6 percent of GDP in 2007 to four consecutive years of surplus, reaching nearly 2 percent of GDP in 2016.", "Contributing factors: strong exports including services, a lower energy trade deficit due to low oil prices, and lower interest payments.", "4.5% — General budget deficit in 2016.", "Fiscal trajectory: deficit is on track to slide under the 3-percent threshold set by the European Union by 2018, enabling exit from the EU’s excessive deficit procedure that has been in place since 2009.", "99.4% — Government debt ratio is nearly 100 percent of GDP, almost three times higher than on the eve of the financial crisis.", "Policy recommendation: IMF recommends reforms primarily to the tax system to increase revenues, which could serve as a cushion in harder times.", "17.2% — Unemployment rate (current), down 10 percentage points from its 2013 peak.", "3.9 million — Number of Spaniards without jobs.", "Distributional concerns: situation especially dire for low-skilled youths and those out of work for longer than a year.", "Policy recommendations: strengthen, better target, and coordinate job search assistance and labor market programs such as training.", "25% — Share of all euro area jobs created over the past year that were in Spain, aided by wage moderation and labor market reforms.", "79% — Share of Spaniards working in the service sector.", "Job quality issue: just over half of the new jobs are temporary, which tend to be less productive and leave workers in uncertainty.", "Policy recommendation: reduce costs associated with open-ended job contracts.", "8.4% — Ratio of nonperforming loans for bank operations in Spain.", "5.5% — Ratio of nonperforming loans when Spain’s banks’ extensive foreign business is taken into consideration.", "Policy recommendation: banks should accelerate balance sheet clean-up to become more resilient to shocks and to facilitate the provision of new credit to the economy.", "[https://www.imf.org/en/News/country-focus](https://www.imf.org/en/News/country-focus)", "[PRESS CENTER](http://presscenter.imf.org/)", "[IMF Country Focus](https://www.imf.org/en/news/country-focus)", "[Read the report](http://www.imf.org/en/Publications/CR/Issues/2017/10/06/Spain-2017-Article-IV-Consultation-Press-Release-Staff-Report-and-Statement-by-the-Executive-45319)", "[Read the financial assessment](http://www.imf.org/en/Publications/CR/Issues/2017/10/06/Spain-Financial-System-Stability-Assessment-45321)", "[Spain and the IMF](https://www.imf.org/external/country/esp/)", "[https://www.imf.org/en/home](https://www.imf.org/en/home)" ], "alternates": { "markdown": "/en/news/articles/2017/10/04/na100617-spanish-recovery-key-numbers/index.md", "json": "/en/news/articles/2017/10/04/na100617-spanish-recovery-key-numbers/index.json", "bundleManifest": "/en/news/articles/2017/10/04/na100617-spanish-recovery-key-numbers/bundle-manifest.json" }, "generatedAtUtc": "2026-09-25T21:14:50.811Z" }