SPAIN - Currently in the midst of a century long economic golden age?
In 1991, the Spanish and world economic trends diverged. The Spanish economy has continued to grow at a faster pace (2.4% in GDP terms) than the Twelve (1.3% on average) . Indeed, a member country, the United Kingdom, even went into recession, during this period with its GDP falling 1.4% (appendix 4). Nonetheless, Spain's current account deficit has remained a matter of concern (2.9% of GDP in 1991). The State deficit was not cut down and widened to 4.4% of GDP. Inflation in turn had risen to 5.9% by the end of 1991 . But the most negative feature was the decline of total employment, wh…
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