{
  "title": "Spain: Staff Report for the 2015 Article IV Consultation - Press Release; Staff Report; and Statement by the Executive Director for Spain",
  "publication": "IMF Staff Country Reports, August 14, 2015",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2016/12/31/spain-staff-report-for-the-2015-article-iv-consultation-press-release-staff-report-and-43191",
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  "summary": "This 2015 Article IV Consultation highlights that Spain’s recovery has gathered speed, but unemployment remains very high. Growth has picked up and is expected at 3.1 percent in 2015 and 2.5 percent in 2016, well above the euro area average.",
  "publishDate": "2015-08-14",
  "series": "IMF Staff Country Reports",
  "sections": [
    {
      "heading": "Growth and short-term outlook",
      "content": "- Growth picked up and is expected at 3.1 percent in 2015 and 2.5 percent in 2016, well above the euro area average.\n- Strong policy implementation has supported the return of confidence.\n- Significant external tailwinds are helping the rebound."
    },
    {
      "heading": "Labor market and employment",
      "content": "- Spain’s recovery has gathered speed, but unemployment remains very high.\n- Key structural labor-market problems identified:\n  - High structural unemployment.\n  - Pervasive labor market duality.\n- These labor-market issues hold back medium-term growth and wage dynamics."
    },
    {
      "heading": "Firm structure and productivity constraints",
      "content": "- The lack of economies of scale of Spain’s many small firms constrains medium-term growth potential."
    },
    {
      "heading": "Debt and balance-sheet vulnerabilities",
      "content": "- Public and private debt levels are still high.\n- High debt is likely to keep weighing on consumption and investment."
    },
    {
      "heading": "Overall assessment and risks",
      "content": "- While near-term growth and confidence have improved, deep structural problems limit Spain’s growth potential going forward and leave vulnerabilities that could undermine the recovery.\n\nIMF Staff Country Report No. 2015/232, 64 pages; Volume 2015; Issue 232; DOI: https://doi.org/10.5089/9781513560069.002; ISBN: 9781513560069; ISSN: 1934-7685\n\n---\n\n Content in this bundle\n\n- Cr15232\n  - Cr15232 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Cr15232 (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\nSource: https://www.imf.org/en/publications/cr/issues/2016/12/31/spain-staff-report-for-the-2015-article-iv-consultation-press-release-staff-report-and-43191"
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    "Published: August 14, 2015",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9781513560069.002",
    "Growth picked up and is expected at 3.1 percent in 2015 and 2.5 percent in 2016, well above the euro area average.",
    "Strong policy implementation has supported the return of confidence.",
    "Significant external tailwinds are helping the rebound.",
    "Spain’s recovery has gathered speed, but unemployment remains very high.",
    "Key structural labor-market problems identified:",
    "These labor-market issues hold back medium-term growth and wage dynamics.",
    "The lack of economies of scale of Spain’s many small firms constrains medium-term growth potential.",
    "Public and private debt levels are still high.",
    "High debt is likely to keep weighing on consumption and investment.",
    "While near-term growth and confidence have improved, deep structural problems limit Spain’s growth potential going forward and leave vulnerabilities that could undermine the recovery.",
    "**Cr15232**"
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