## Spain: 2017 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Spain

_IMF Staff Country Reports, October 6, 2017_

## Source details

**Canonical URL:** [Spain: 2017 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Spain](https://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)

## Other formats

- [Markdown version](/en/publications/cr/issues/2017/10/06/spain-2017-article-iv-consultation-press-release-staff-report-and-statement-by-the-executive-45319/index.md)
- [Structured JSON version](/en/publications/cr/issues/2017/10/06/spain-2017-article-iv-consultation-press-release-staff-report-and-statement-by-the-executive-45319/index.json)
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## Bibliographic details
- Published: October 6, 2017
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781484323632.002

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### Growth, recent performance, and projections
- Continued strong, balanced, and employment-intensive expansion during the first half of 2017.
- Recovery reached a significant milestone when real GDP surpassed its precrisis peak.
- The economy grew by 3.3 percent in 2016.
- The economy is expected to expand by 3.1 percent in 2017.
- Economic activity is projected to moderate to 2.5 percent in 2018 in the absence of any major boost in productivity growth.
- Timing references: first half of 2017; projections for 2017 and 2018.

### Key drivers of the recovery
- Past structural reforms.
- Wage moderation and resulting cost competitiveness gains.
- Favorable monetary and external conditions.
- Fiscal relaxation.

### Banking system and financial sector assessment
- The banking system has become more resilient since the last Financial Stability Assessment Program.
- Subject tags in the source include: Banking, Financial Sector Assessment Program, Financial sector policy and analysis, banking system profitability.

### Risks and conditional factors
- Some external tailwinds are dissipating.
- Moderation to 2.5 percent in 2018 is conditional on the absence of any major boost in productivity growth.

### Publication and metadata (as reported)
- Pages: 82
- Volume: 2017
- Issue: 319
- Series: Country Report No. 2017/319
- Stock No: 1ESPEA2017003
- ISBN: 9781484323632
- ISSN: 1934-7685
- DOI: https://doi.org/10.5089/9781484323632.002
- Publication date on landing page: October 6, 2017

*International Monetary Fund. Spain: 2017 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Spain (Country Report No. 2017/319).*

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## Content in this bundle

- **Country Report**
  - [Country Report (Markdown version)](/-/media/files/publications/cr/2017/cr17319.pdf.md){rel="alternate" type="text/markdown"}
  - [Country Report (PDF)](/-/media/files/publications/cr/2017/cr17319.pdf){rel="external" type="application/pdf"}

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_Source: https://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_