Spain's growth in context

1.1 GDP (ForeCAST) vs. peer countries

The OECD's GDP 2010 to 2020 (forecast) shows the differences between Spain and other comparable countries (please click/touch on the lines to identify the country and data points).

The forecast is based on an assessment of the economic climate in individual countries and the world economy, using a combination of model-based analyses and expert judgement. The indicator is measured in USD at 2010 Purchasing Power Parities.

OECD (2018), GDP long-term forecast (indicator). doi: 10.1787/d927bc18-en

1.2 GDP per Capita vs. peer countries

Spain's GDP per capita  increased by 3.2% from 2012-16, outperforming Germany and the UK over the same period (3.1% and 2.9% respectively.

GDP per capita data are measured in US dollars at current prices and PPPs.

OECD (2018), GDP (indicator). doi: 10.1787/dc2f7aec-en

1.3 GDP ANNUAL GROWTH (forecast, REAL) vs. Peer countries

Spain's growth, according to the OECD is set to slow in 2018 and 2019.

Real gross domestic product (GDP) is given in constant prices and refers to the volume level of GDP. Constant price estimates of GDP are obtained by expressing values of all goods and services produced in a given year, expressed in terms of a base period. Forecast is based on an assessment of the economic climate in individual countries and the world economy, using a combination of model-based analyses and OECD judgement. This indicator is measured in growth rates compared to previous year.

OECD (2018), Real GDP forecast (indicator). doi: 10.1787/1f84150b-en


Drivers of growth in SPAIN

According to the IMF in 2015, growth in Spain between 2014 and 2016 has been driven by low oil prices, low interest rates and structural reforms. However problems and political uncertainty remain which is limiting growth and investor confidence.

Drivers of growth

  • Depreciation of the Euro
  • Lower oil prices
  • Exports (Strengthening trading partners)
  • Growth in private consumption
    • Rising employment and incomes
    • Household tax cuts
  • Low interest rates
  • Current account surplus
  • Labour market reforms
  • Financial sector reforms

However deep structural problems remain

  • Labour market challenges
  • A number of obstacles which prevent domestic market consolidation and economies of scale
  • High levels of private and public debt (235% and 98% of GDP in 2015, IMF)

Please click through to the summary of debt indicators

 

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