Preview

Spain

Good Essays
Open Document
Open Document
484 Words
Grammar
Grammar
Plagiarism
Plagiarism
Writing
Writing
Score
Score
Spain
Gross domestic product (GDP) is the market value of all officially recognized final goods and services produced within a country in a given period of time. GDP per capita is often considered an indicator of a country's standard of living;[2][3] GDP per capita is not a measure of personal income (See Standard of living and GDP). Under economic theory, GDP per capita exactly equals the gross domestic income (GDI) per capita (See Gross domestic income).

Spanish economy began to slow in late 2007 and entered into a recession in the second quarter of 2008.
GDP contracted by 3.7% in 2009, ending a 16-year growth trend, and by another 0.3% in 2010.
Spain reduced its budget deficit to 9.4% of GDP in 2011, and roughly 6.7% of GDP in 2012, above the 6.3% target negotiated between Spain and the EU. Although Spain's large budget deficit and poor economic growth prospects remain a source of concern for foreign investors, the government's ongoing efforts to cut spending and introduce flexibility into the labor markets are intended to assuage these concerns. The government is also taking steps to shore up the banking system, namely by using up to $130 billion in EU funds to recapitalize struggling banks exposed to the collapsed domestic construction and real estate sectors.
Spain GDP Growth Rate
The Gross Domestic Product (GDP) in Spain contracted 0.50 percent in the first quarter of 2013 over the previous quarter. GDP Growth Rate in Spain is reported by the INE. Historically, from 1995 until 2013, Spain GDP Growth Rate averaged 0.53 Percent reaching an all time high of 1.53 Percent in December of 1997 and a record low of -1.60 Percent in March of 2009. Spain is the fourth largest economy in the Euro Zone. The country has a strong and diverse manufacturing industry and is one of the biggest tourist destinations in the world. Spain is part of the European Union since 1986 and the Euro Area since 1999. As a result, Spain became one of the world’s leading destinations

You May Also Find These Documents Helpful

  • Satisfactory Essays

    Eco/372 Week 2 Individual

    • 755 Words
    • 4 Pages

    Gross domestic product (GDP) is the monetary value of all the finished goods and services produced within a country's borders in a specific time period, though GDP is usually calculated on an annual basis. It includes all of private and public consumption, government outlays, investments and exports less imports that occur within a defined territory.…

    • 755 Words
    • 4 Pages
    Satisfactory Essays
  • Good Essays

     Gross domestic product (GDP) – GDP is the total market value of all final services and goods produced in a given year in a given country.…

    • 938 Words
    • 4 Pages
    Good Essays
  • Better Essays

    I.P. Wk1 Econ

    • 844 Words
    • 4 Pages

    As per wikipedia “The gross domestic product (GDP) is one of the measures of national income and input for a given country's economy. GDP is defined as the total cost of all finished goods and services produced within the country in a stipulated period of time (usually a 365-day year). It is sometimes regarded as the sum of profits added at every level of production…

    • 844 Words
    • 4 Pages
    Better Essays
  • Powerful Essays

    Unit 1 P5 M2

    • 3581 Words
    • 10 Pages

    The gross domestic product (GDP) is one the primary indicators used to gauge the health of a country's economy. It represents the total dollar value of all goods and services produced over a specific time period - you can think of it as the size of the economy. Usually, GDP is expressed as a comparison to the previous quarter or year. For example, if the year-to-year GDP is up 3%, this is thought to mean that the…

    • 3581 Words
    • 10 Pages
    Powerful Essays
  • Satisfactory Essays

    GNP increased throughout 2008 but started decreasing in 2009. Private , domestic business, and household and…

    • 988 Words
    • 4 Pages
    Satisfactory Essays
  • Good Essays

    Gross domestic product: is the value of all goods and services produced in a country in any given year or specific time period. This is measured in dollar amounts and basically the higher the GDP, the better the economy is for that country.…

    • 1048 Words
    • 5 Pages
    Good Essays
  • Powerful Essays

    4. Gross Domestic Product - Gross domestic product (GDP) is the measure of all the goods and services produced in a country or region. The higher the GDP, the better the country's economy is said to be.…

    • 5943 Words
    • 24 Pages
    Powerful Essays
  • Good Essays

    What is Gross Domestic Product (GDP)? How it is calculated? Gross domestic product is the monetary value of all the finished goods and services produced within a country's borders in a specific time period. Though GDP is usually calculated on an annual basis, it can be calculated on a quarterly basis as well.…

    • 993 Words
    • 4 Pages
    Good Essays
  • Good Essays

    The Real GDP for 2009 was that there was a decrease at an annual rate of 6.1 percent in the first quarter of 2009, (that is from the first quarter to the fourth quarter), according to advance estimates released by the Bureau of Economic Analysis. In the fourth quarter, the real GDP decreased 6.3 percent. Also the Real GDP for 2009 was 13,973.7 in billions of current dollars, 12.757.9 in billions of chained 2005 dollars, 1967Qi, 817.8 in billions of current dollars, and 3,915.4 in billions of chained 2005 dollars www.bea.gov/newsrelease/natonal/gpd/2009/pdf/gdp109.pdf.…

    • 856 Words
    • 4 Pages
    Good Essays
  • Good Essays

    Spain's Global Impact

    • 1141 Words
    • 4 Pages

    Until 2008 hit, Spain had been seen as one of the most dynamic countries of the European Union. At the time, this attracted a lot of foreign investment. The…

    • 1141 Words
    • 4 Pages
    Good Essays
  • Powerful Essays

    Macroeconomics Switzerland

    • 4010 Words
    • 17 Pages

    However, its economic growth slowed down and went into negative growth when the global crisis hit in 2009. The economy entered its first recession in six years as a global slowdown strangled exports and companies slashed spending. The economic growth rate was -1.9%, which was dragged down mostly by a huge fall in Foreign Trade and Capital Investments.…

    • 4010 Words
    • 17 Pages
    Powerful Essays
  • Powerful Essays

    Unemployment in Spain

    • 3163 Words
    • 13 Pages

    Spain has led a legacy as a significant world power in Europe and at some moments in History, the world. Spain conquered the oceans with Christopher Columbus’s travels, started dynasties that created Charles IV’s Holy Roman Empire. Although, like all great dynasties have been fated to do, the Empire fell from the leading Empire of the world and eventually in Europe. It wasn’t until after the Dictator Francisco Franco’s death in 1975, when Spain was again able to resume its share of economic and political strength in Europe. With a new democratic monarchical system and an economy that quickly adapted to the international market, Spain was able to rapidly assume it role as a European leader once again. In 1986 Spain joined the European Union, and thanks to an economic boom in the construction business in the 2000s, Spain’s economy and society accelerated into a bigger world power. Currently economically speaking, Spain has the fifth biggest economy of the countries in the European Union, with Gross Domestic Product over one million Euros, as is set to have the fourteenth highest GDP in the world by 2015. However, after the world economic crisis of 2008, Spain was not exempt from the affects that the crisis was to bring for all countries. The era knows as el period de bonanza as the Spanish called it came to an end, and a new era known to be called la crisis came to birth. Although there are many results of the economic crash of 2008, it is in my opinion that in Spain, the most devastating of these effects is the unemployment rate. Spain’s unemployment rate is currently at 26.03%, the second highest rate right behind Greece’s staggering 27.5% unemployment rate. Even more staggering is the fact that Spain has the highest youth unemployment rate of the EU with around 51% of Spanish young people aged between 20 and 24 listed as unemployed. There have been multiple reasons given for the recent…

    • 3163 Words
    • 13 Pages
    Powerful Essays
  • Better Essays

    Spanish Financial Crisis

    • 1054 Words
    • 5 Pages

    Spain continued the path of economic growth when the ruling party changed in 2004, keeping robust GDP growth during the first term of prime minister José Luis Rodríguez Zapatero, even though some fundamental problems in the Spanish economy were already self-evident. Among these, according to the Financial Times, there was Spain's huge trade deficit (which reached a staggering 10% of the country's GDP by the summer of 2008). The "loss of competitiveness against its main trading partners" and, also, as a part of the latter, an inflation rate which had been traditionally higher than the one of its European partners, back then especially affected by house price increases of 150% from 1998 and a growing family indebtedness (115%) chiefly related to the Spanish Real Estate boom and rocketing oil prices.…

    • 1054 Words
    • 5 Pages
    Better Essays
  • Powerful Essays

    The European economic crisis started in year 2010, the first visible serious problem was the debt crisis in the Greece and then other problems have showed. But the main fault had beginning in inconsistent European integration process. The EU has chosen halfway solution of economic integration - they have accepted just common monetary policy without the fiscal union. So from the very beginning of common European currency project instantly grew problems between integrated states, because unified monetary policy wasn’t convenient to everybody. Low interest rate (fixed by ECB) caused that some of the marginal economics have been growing too fast and on the opposite side developed economics have been growing really slowly. In the Spain low interest rate after year 2002 caused a boom in construction and Spanish economy became extremely dependent on this type of sector. The annual GDP growth was until year 2008 in interval 2-4%.…

    • 1599 Words
    • 7 Pages
    Powerful Essays
  • Powerful Essays

    Spanish Crisis

    • 10768 Words
    • 44 Pages

    After a long period of economic expansion, which began in the mid-nineties, in 2006 the Spanish economy began to show the firsts signs of exhaustion. The international economic crisis, which began in 2007 and deepened in 2008, hastened the end of the expansive cycle and triggered a severe adjustment of the imbalances accumulated during the previous decade, whose correction continues to these days, four years later, pending its completion. The rapid deterioration of the international macroeconomic context highlighted the structural weaknesses of the Spanish…

    • 10768 Words
    • 44 Pages
    Powerful Essays