Friday, 10 March 2017

Spanish Economy Outperforms Much of Europe with 3.2% Growth

Spanish Economy Outperforms Much of Europe with 3.2% Growth

The Spanish economy is booming.
It’s not often that individuals care all that much about GDP (Gross Domestic Product). Individuals are often more concerned about issues such as cost of living their wages, their job security, their ability to buy the things they need and, of course, their personal happiness.

Given the way that Spain endured a double-dip recession a few years ago, however, one could hardly blame Spaniards for feeling proud and happy of the way that Spanish GDP grew 3.2% during 2016.

The reason why this growth happened is because of the hard work, positivity, and stoicism of the Spanish people. They kept the country moving through the dark times, with some help by government reforms that breathed new life into the labour market.

The National Statistics Office (INE) of Spain reported that the GDP in Spain grew another 0.7% during the fourth quarter of 2016. This means that 2016 was one of the best years for the Spanish economy in over a decade.

This growth stems from the third quarter of 2013, when Spain experienced growth for the first time in over three years. Once the upturn had begun, the growth steadily increased, with only the occasional fall during particularly economic stress.

The resilience of the Spanish economy means that the country has outperformed much of the rest of Europe. It’s expected that this growth will continue through 2017, even if it’s at the smaller rate of 2.7%.

Even so, it would mean that living in Spain could no longer be thought of as a recovering economy. Instead the country is one where growth and confidence are assured. This means great benefits for individual Spaniards, including better job prospects, wage growth, an increase in confidence in the tourism and real estate industries, and just a general improvement to the national mood.

The Spanish economy is doing so well that it’s now performing at 80% of the output of 2008; just a few short months before one of the largest economic crashes in Spanish history. That is certainly worth celebrating.