2017 Article IV Consultation with Spain

Strong, balanced, and employment-intensive expansion of the Spanish economy continued during the first half of 2017, and the recovery reached a significant milestone when real GDP surpassed its pre-crisis peak. Past structural reforms, wage moderation and resulting cost competitiveness gains, favorable monetary and external conditions, and fiscal relaxation have provided impetus to the recovery. Spain should deepen reforms, including steps to reduce structural unemployment, strengthen the business environment and competition, and make the financial sector more resilient along the lines of recommendations in the Financial Sector Stability Assessment (FSSA) (comprehensive and in-depth assessment of a country’s financial sector). Challenges remain: public debt and structural unemployment are high, population aging is creating fiscal pressures, and productivity lags that of EU peers.

Spain IMF Staff Concluding Statement of the 2017 Article IV Mission

Spain’s economic recovery remains strong, with consumption, investment, and net exports all contributing to a more balanced growth pattern. A shift in resources toward Spain’s competitive export sector, with the services sector creating most new jobs, has played an important part in the rebound. Banking sector balance sheets are stronger, private sector debt is coming down, and credit availability is improving.

Post-Programme Surveillance Report Spain, Spring 2017

Spain's real GDP growth is expected to remain robust this year and the next. In 2016, economic activity expanded strongly, by 3.2%, the same rate as in the previous year and well above the euro area average. Domestic demand, and especially private consumption, remained the main driver of growth, but net exports also contributed. Growth was underpinned by favourable external and financing conditions and strong job creation, in turn supported by continued wage moderation and past reforms.

Draft Law on entrepreneurs and independent contractors

The Draft Law on Independent Contractors (Proposición de Ley de Reformas Urgentes del Trabajo Autónomo) will allow the rights and social protection of this group to be enhanced.

Reflection Paper on the Deepening of the Economic and Monetary Union

Drawing on the lessons of the past fifteen yerar, the European Commission proposes to move forward the EU and the Euro area in two steps.

Council opinion on the 2017 Stability Programme of Spain

Recommendation for a Council recommendation on the 2017 National Reform Programme of Spain and delivering a Council opinion on the 2017 Stability Programme of Spain

Measures to modify the regulation of port cargo handling

After the failure of the previous Royal Decree-Law 4/2017, February 24 2017, to get approval of the parliament the Government approved Royal Decree-Law 8/2017, of May 12, that passed lower-house approval on May 17th.

The 2017 National Reform Programme

The National Reform Programme constitutes a key economic policy document and it is annually submitted to the European Commission. In the NRP, the Government announces its policy commitments for the short and medium run.

Employment Activation Programme extension

The Royal Decree-Law 7/2017 extends the Employment Activation Programme until April 15th, 2018.

Measures to increase protection to mortgage debtors in vulnerable situations

The Royal Decree 5/2017 seeks to adopt several measures to protect mortgage debtors particularly those in vulnerable family situations (families with minors, as well as families in which there is a victim of gender violence).
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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...