## Spain: Staff Report for the 2002 Article IV Consultation

_IMF Staff Country Reports, February 28, 2003_

## Source details

**Canonical URL:** [Spain: Staff Report for the 2002 Article IV Consultation](https://www.imf.org/en/publications/cr/issues/2016/12/30/spain-staff-report-for-the-2002-article-iv-consultation-16353)

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## Bibliographic details
- Published: February 28, 2003
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781451812053.002

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### Executive summary and main findings
- Spain experienced a second year of subdued growth in 2002—albeit at a rate still well above the euro area average.
- The relative resilience of Spain’s domestic demand underpinned performance in 2002.
- Investment showed a comparatively stronger performance, sustained by booming construction activity and a continued public infrastructure effort.
- Private consumption lost momentum after having been the mainstay of the earlier upswing, as households coped with rising inflation and higher indebtedness.

### Economic themes and indicators highlighted
- Growth: subdued in 2002 but above the euro area average.
- Domestic demand: described as relatively resilient in 2002.
- Investment: comparatively stronger showing, driven by construction and public infrastructure.
- Private consumption: weakening due to rising inflation and higher household indebtedness.
- Subject tags listed on the report: Competition, Financial markets, Fiscal policy, Fiscal stance, Inflation, Prices, Public debt.
- Keywords provided: banking sector, collective bargaining system, Competition, CR, director, Doha round, Europe, exchange rate, firm, fiscal policy, Fiscal stance, GDP deflator, Global, government, income level, Inflation, ISCR, labor market.

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_Source: https://www.imf.org/en/publications/cr/issues/2016/12/30/spain-staff-report-for-the-2002-article-iv-consultation-16353_