ClueBot NG Report Interface

// Report

Navigation

ID:1737520
User:97.64.238.66
Article:Economy of Spain
Diff:
m (Tourism: WP:CHECKWIKI error fix for #61. Punctuation goes before References. Do general fixes if a problem exists. - using AWB (9957))
(Recent developments)
Line 51: Line 51:
 
Spain is a member of the [[European Union]], the [[Organisation for Economic Co-operation and Development]], and the [[World Trade Organisation]].
 
Spain is a member of the [[European Union]], the [[Organisation for Economic Co-operation and Development]], and the [[World Trade Organisation]].
   
==Recent developments==
+
spain is in the cartels boobs are ileggaallll
[[File:Torre Agbar.jpg|thumb|[[Torre Agbar]], Barcelona]]
 
{{Main|Spanish property bubble|Economic history of Spain}}
 
After a strong recovery from the global recession of the early 1990s, Spain experienced a [[Real estate bubble|property boom]] from 1997 to 2007. At its peak in 2007, construction had expanded to a massive 16% of the total gross domestic product (GDP) of the country and 12% of total employment.
 
 
According to calculations by the German newspaper ''[[Die Welt]]'', Spain's economy had been on course to overtake countries like Germany in per capita income by 2011.<ref>{{Citation|url=http://www.europeanfoundation.org/docs/id210.pdf|title=No camp grows on both Right and Left|format=PDF|publisher=European Foundation Intelligence Digest|accessdate=2008-08-09}}</ref> However, the downside of the real estate boom was a corresponding rise in the levels of personal debt; as prospective homeowners had struggled to meet asking prices, the average level of [[household debt]] tripled in less than a decade. This placed especially great pressure upon lower to middle income groups; by 2005 the median ratio of indebtedness to income had grown to 125%, due primarily to expensive boom time mortgages that now often exceed the value of the property.<ref>{{Citation|url=http://www.bde.es/informes/be/boleco/2005/be0507e.pdf|title=Bank of Spain Economic Bulletin 07/2005|format=PDF|accessdate=2008-08-13|publisher=Bank of Spain}}</ref>
 
 
A European Commission forecast had predicted Spain would enter a [[Late 2000s recession|recession]] by the end of 2008.<ref>{{Citation|url=http://www.ft.com/cms/s/0/cf5d0f08-7f49-11dd-a3da-000077b07658.html?nclick_check=1|title=Recession to hit Germany, UK and Spain|publisher=[[Financial Times]]|date=10 September 2008|accessdate=2008-09-11}}</ref> According to Spain's Economy Minister, "Spain faces its deepest recession in half a century".<ref>[http://www.spanishnews.es/20090118-spain-faces-deepest-recession-in-50-years/id=142/ Spain faces deepest recession in 50 years], Spanish News, 18 January 2009</ref> Spain's government forecast the unemployment rate would rise to 16% in 2009. The [[ESADE]] business school predicted 20%.<ref>[http://www.economist.com/world/europe/displaystory.cfm?story_id=12987582 Mounting joblessness in Spain | And worse to come], The Economist, 22 January 2009</ref>
 
 
Due to its own economic development and the recent [[EU enlargement]]s up to 28 members (2007), Spain had a GDP per capita of (105%) of EU average per capita GDP in 2006, which placed it slightly ahead of Italy (103%). Three regions were included in the leading EU group exceeding 125% of the GDP per capita average level:
 
[[Basque Country (autonomous community)|Basque Country]] leading with [[Community of Madrid|Madrid]] and [[Navarre]].<ref>Login required — [http://epp.eurostat.ec.europa.eu/pls/portal/docs/PAGE/PGP_PRD_CAT_PREREL/PGE_CAT_PREREL_YEAR_2007/PGE_CAT_PREREL_YEAR_2007_MONTH_02/1-19022007-EN-AP.PDF Eurostat 2004 GDP figures]</ref>
 
According to the growth rates post 2006, noticeable progress from these figures happened until early 2008, when the [[Financial crisis of 2007–2010|'global financial crisis']] burst Spain's property bubble.<ref name=CIASpain>{{Citation
 
|title=Spain (Economy section)
 
|url=https://www.cia.gov/library/publications/the-world-factbook/geos/sp.html#Econ |archiveurl=http://www.webcitation.org/5gsZhjpvP
 
|work=[[The World Factbook]] |publisher=[[CIA]] |date=23 April 2009 |accessdate=1 May 2009 |archivedate=19 May 2009
 
|quote=GDP growth in 2008 was 1.3%, well below the 3% or higher growth the country enjoyed from 1997 through 2007.
 
}}</ref>
 
 
The centre-right government of former prime minister [[José María Aznar]] had worked successfully to gain admission to the group of countries launching the [[euro]] in 1999. Unemployment stood at 7.6% in October 2006, a rate that compared favorably to many other European countries, and especially with the early 1990s when it stood at over 20%. Perennial weak points of Spain's economy include high inflation,<ref>{{cite web|url=http://www.oecdobserver.org/news/fullstory.php/aid/1592/Spain%92s_economy_.html|title=Spain's Economy: Closing the Gap|publisher=[[OECD]] Observer|date=May 2005|accessdate=2008-08-15}}</ref> a large [[underground economy]],<ref>{{cite web|url=http://www.frontpagemag.com/Articles/Read.aspx?GUID=3E2579A7-6002-4048-97BB-46679C5D8A88|title=Going Underground: America's Shadow Economy|publisher=FrontPage magazine|date=January 2005|accessdate=2008-08-15}}</ref> and an education system, beside UK and the United States, which [[OECD]] reports place among the poorest for developed countries.<ref>{{Citation|url=http://www.oecd.org/dataoecd/51/21/37392840.pdf|title=OECD report for 2006|format=PDF|accessdate=2008-08-09|publisher=OECD}}</ref>
 
 
The property bubble that had begun growing in 1997, fed by historically low interest rates and an immense surge in immigration, imploded in 2008, leading to a weakening economy and soaring unemployment.
 
   
 
==Growing reduction of European Union funds==
 
==Growing reduction of European Union funds==
Reason:ANN scored at 0.952623
Your username:
Reverted:Yes
Comment
(optional):

Note: Comments are completely optional. You do not have to justify your edit.
If this is a false positive, then you're right, and the bot is wrong - you don't need to explain why.