Topics: European Union, Gross domestic product, Economic growth Pages: 2 (484 words) Published: May 14, 2013
Gross domestic product (GDP) is the market value of all officially recognized final goods and services produced within a country in a given period of time. GDP per capita is often considered an indicator of a country's standard of living;[2][3] GDP per capita is not a measure of personal income (See Standard of living and GDP). Under economic theory, GDP per capita exactly equals the gross domestic income (GDI) per capita (See Gross domestic income).

Spanish economy began to slow in late 2007 and entered into a recession in the second quarter of 2008. GDP contracted by 3.7% in 2009, ending a 16-year growth trend, and by another 0.3% in 2010. Spain reduced its budget deficit to 9.4% of GDP in 2011, and roughly 6.7% of GDP in 2012, above the 6.3% target negotiated between Spain and the EU. Although Spain's large budget deficit and poor economic growth prospects remain a source of concern for foreign investors, the government's ongoing efforts to cut spending and introduce flexibility into the labor markets are intended to assuage these concerns. The government is also taking steps to shore up the banking system, namely by using up to $130 billion in EU funds to recapitalize struggling banks exposed to the collapsed domestic construction and real estate sectors. Spain GDP Growth Rate

The Gross Domestic Product (GDP) in Spain contracted 0.50 percent in the first quarter of 2013 over the previous quarter. GDP Growth Rate in Spain is reported by the INE. Historically, from 1995 until 2013, Spain GDP Growth Rate averaged 0.53 Percent reaching an all time high of 1.53 Percent in December of 1997 and a record low of -1.60 Percent in March of 2009. Spain is the fourth largest economy in the Euro Zone. The country has a strong and diverse manufacturing industry and is one of the biggest tourist destinations in the world. Spain is part of the European Union since 1986 and the Euro Area since 1999. As a result, Spain became one of the world’s leading destinations for...
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