## Spain: Staff Report for the 2003 Article IV Consultation

_IMF Staff Country Reports, April 2, 2004_

## Source details

**Canonical URL:** [Spain: Staff Report for the 2003 Article IV Consultation](https://www.imf.org/en/publications/cr/issues/2016/12/30/spain-staff-report-for-the-2003-article-iv-consultation-17294)

## Other formats

- [Markdown version](/en/publications/cr/issues/2016/12/30/spain-staff-report-for-the-2003-article-iv-consultation-17294/index.md)
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## Bibliographic details
- Published: April 2, 2004
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781451812060.002

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### Executive summary and context
- Publication date: April 2, 2004
- Main finding: Although not escaping the global slowdown, the Spanish economy has weathered it relatively well.
- Focus of discussions:
  - Minimizing short-term risks.
  - Identifying structural reform priorities for the next government.
  - Issues of fiscal policy implementation.

### Key economic findings
- Household indebtedness:
  - Has continued to rise rapidly, recently surpassing the EU average.
  - Authorities viewed the related risks to growth as contained.
- Labor market:
  - Unemployment has been halved since the mid-1990s, but remains high.
  - A number of labor market rigidities persist.
- Other macroeconomic areas discussed:
  - Banking
  - Housing prices
  - Inflation
  - Prices
  - Public debt
  - Social security contributions
  - Taxes

### Subjects and keywords (as listed)
- Subject: Banking, Employment, Housing prices, Inflation, Labor, Prices, Public debt, Social security contributions, Taxes
- Keywords: CR, demand, demand growth, Employment, employment growth, employment rate, euro, Europe, fund staff projection, Global, Housing prices, Inflation, ISCR, labor market weakness, market participant, mortgage credit, Social security contributions

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_Source: https://www.imf.org/en/publications/cr/issues/2016/12/30/spain-staff-report-for-the-2003-article-iv-consultation-17294_