The next few years looks very bright for Spain
as I continues its recovery
As the economists are cheering a projected 3.2% increase in Spanish GDP for 2017, the average Spaniard, along with expats and holidaymakers, are left wondering what it all means for them.
To put things simply, it all means that there are plenty of new opportunities for employment in Spain, which means that consumer spending is up, tax revenue for the government is up, and property prices and supply are also up.
The latest official data, shows that the tourism and manufacturing sectors are the two key pillars supporting the economic success of Spain.
The National Statistics Institute (INE) has revealed 3.9 million people in Spain were out of work at the end of June, a decrease from the 4.25 million from the end of March. In the period between March and June, around 272,400 jobs were created across the tourism industry as the country prepares for the busy summer season.
While most of those jobs are likely to be seasonal, estimates show that around 30% of them could last for longer if the economic recovery continues.
Additional data provided by market analysts ISH Markit show that Spanish manufacturing firms had their highest increase in employment for over 19 years during July – primarily to keep up with demand for Spanish goods including cars.
This all lead to last month being the strongest month for Spanish job creation since way back in May 1998, according to the Financial Times.
To add to this, data from the Bank of Spain has shown that the average net wealth of the Spanish family is increasing by around 6.9% per year, which means not only is the average Spaniard more secure in their job with more spending money, but also it means average personal debt levels are dropping.
No matter how you look at it, the Spanish economy is no doubt going through some encouraging times, which is encouraging for the people of Spain.