2017 Spain Country Report

The Spanish economy continues to enjoy a strong recovery and is moving towards a more balanced composition of growth than before the crisis. The recovery was initially led by exports, helped by a reversal of the cost-competitiveness losses accumulated in the pre-crisis years. It then gradually broadened to the domestic sector. Since 2015, high job creation, low oil prices and improving financing conditions have boosted consumer spending. Investment in equipment has also been growing strongly, while investment in construction has started to recover. The current-account balance maintains a surplus position. Although unemployment has been falling rapidly, it remains very high, and both poverty and income inequality are among the highest in the EU. Spain’s ambitious structural reforms in recent years laid the ground for the strong economic recovery, but favourable conditions also helped.

2016 IMF Article IV Consultation with Spain

Deficit Adjustment in 2015

In April 2016, the Spanish Government released the following information about the General Government balance for 2015.

Country Report Spain 2016

The Spanish economy has experienced a significant turnaround in recent years, also thanks to reforms undertaken in response to the crisis. Structural reforms helped ease existing rigidities in labour and product markets. The successful completion of the financial assistance programme facilitated the repair of the banking sector. External tailwinds and reforms underpinned an increase in confidence in the Spanish economy, and growth resumed in 2013. The recovery strengthened in 2015, with growth well above the euro-area average. However, there are downward risks to this growth outlook mainly stemming from the external sector.

Creation of the Public Research Agency

The government finally created the Public Research Agency (“Agencia Española de Investigación”) by means of the Royal Decree Law 1067/2015 one month before the general elections in 2015

Spain Post Programme Surveillance European Commission Autumn 2015

This fourth surveillance report provides an assessment of Spain's economic, fiscal and financial situation following its exit from the financial assistance programme in January 2014.

IMF 2015 Article IV Concluding Statement

A Concluding Statement describes the preliminary findings of IMF staff at the end of an official staff visit (or ‘mission’). Spain has rebounded strongly and employment is increasing, helped by past reforms. However, the level of unemployment is still painfully high and vulnerabilities remain. Sustaining job-rich growth at the current pace, further reducing public and private indebtedness, and maintaining confidence will require additional fiscal efforts and structural reforms. The collective efforts of Spanish society are the foundation upon which the recovery has been constructed.

Law 9-2015 on urgent measures on the Insolvency Law

This reform complements the RDL 11/2014 passed in September 2014. The Law 9-2015 basically affects the following elements of the insolvency law: the refinancing agreements, the liquidation procedure and the insolvency agreement.

Spain Post Programme Surveillance European Commission Spring 2015

This third post-programme surveillance report provides an assessment of Spain's economic, fiscal and financial situation following its exit from the financial assistance programme in January 2014. The report covers also the specific monitoring of policy progress by the Commission in the context of the Macroeconomic Imbalances Procedure (MIP). There is no policy conditionality under PPS.

Country Specific Recommendation on the 2015 National Reform Programme of Spain

On 30 April 2015, Spain submitted its 2015 National Reform Programme and its 2015 Stability Programme. To take account of their interlinkages, the two programmes have been assessed at the same time.
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Country Report Spain 2015

This Country Report assesses Spain's economy against the background of the Commission's Annual Growth Survey which recommends three main pillars for the EU's economic and social policy in 2015: investment, structural reforms, and fiscal...