labour markets

Structural reforms in Spain

The Spanish economy has been growing at over 3% since 2015, above the average for the EU and the euro area. Unemployment, although still 10 percentage points above the EU average, has fallen from a high of 26.1% in 2013 to 17.2% in 2017. Interest rates are at historical lows thanks to the expansive monetary policy of the European Central Bank. The public deficit has fallen substantially in recent years and is close to, but still above, 3%, and there has been a current account surplus for several years. Therefore, Spain’s macroeconomic situation appears healthy.