Spain is part of the Eurozone monetary union and of the EU single market. Its current GDP, figured in the third quarter of 2017, was $343,619 million. The country holds one of Europe's primary Mediterranean ports (Barcelona) two major international airports (Barcelona and Madrid) and it is the site of a recent real estate boom.
In late 2007, the crisis hit its economy very hard and it entered into a recession in the second quarter of 2008. The government budget deficit worsened from 3.8 per cent of GDP in 2008 to 9.2 per cent of GDP in 2010, more than three times the euro-zone limit. It caused a severe decrease of job placements, and consequently, a lot of unemployment.
However, the situation improved by 2013-14. By 2016, its economy started growing up to 3.2 per cent, the second annual positive growth rate since 2007, forecasting a suggested growth around 2.7 per cent for the following years.
The record on tourism and export levels also coupled with a revived domestic consumption and helped drive the recovery.
Major sectors of the Spanish economy include tourism and the automobile industry (10% of GDP - including distribution and associated activities), with a recent push in technology markets.
Madrid is almost in the exact geographic centre of Spain and it is the nation's chief transportation and administrative centre. Until 1900 Madrid was almost entirely an administrative city. By the beginning of the 20th century, it grew to be an important industrial centre.
Its commercial and industrial life developed very rapidly after the 1890s and nowadays it is only rivaled in Spain by Barcelona. The city's major industrial products include motor vehicles, aircraft, chemicals, pharmaceuticals, processed food, printed materials, and leather goods. Besides its many manufacturing industries.
While Madrid is an important industrial centre, it is more important as a centre of service activities. These include government, banking, publishing, insurance and finance. Madrid is also a major centre of Spain's tourist industry.
Figures from the OECD (Organization for Economic Co-operation and Development) show that Spanish economic growth has been strong and balanced in 2017, and it is projected to moderate but remain robust in 2018 and 2019. Domestic demand will ease, as the support provided by low oil prices and lower taxes dissipate. On the other hand, political tensions in Catalonia have increased uncertainty and affected external inversions.
Competitiveness gains will continue to support exports, even as external demand growth declines slightly. Inflation is projected to fall to 1.3% in 2018, before bouncing back somewhat in 2019.
Corporates and households have reduced their combined debt by nearly 55% of GDP since mid-2010. However, deleveraging is not complete, especially for firms in the construction sector and for low-income households. The banking system is stronger, but faces some challenges over the medium term due to low credit demand and profitability. Non-performing loans have declined markedly, but remain relatively high in a few financial institutions. To lower risks of medium-term credit supply constraints, the strengthening of bank balance sheets should be continued.
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