IMF Staff Country Reports

This paper describes economic developments in Spain during the 1990s. Spain emerged from a recession in 1994, as real GDP increased by 2 percent, following a decline of 1.1 percent in 1993. The recovery was triggered by a surge in exports that started in mid-1993, in turn spurred by the sharp depreciation of the peseta in 1992–93, and the incipient recovery of domestic demand in other European countries. Private consumption picked up in early 1994 but provided only a moderate contribution to the turnaround.