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ID: 1737520
Article: Economy of Spain
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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=|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=|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=|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>[ 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>[ 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 — [ 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= |archiveurl=
|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.
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=|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=|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=|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
Reporter Information
Reporter: Anonymous (anonymous)
Date: Friday, the 8th of July 2016 at 05:54:29 AM
Status: Reported
Friday, the 8th of July 2016 at 05:54:31 AM #105009
Anonymous (anonymous)

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