Spain's Economic History
Spain's GDP growth has been more than average for 15 years, which is quite a feat, but in 2007 is began to slow, and halfway through 2008 Spain entered into a recession. In 2009 Spain's GDP contracted by about 3.7%, and another .3% was added in 2010. Their GDP started to expand by .4% in 2011, but quickly fell another 1.4% in 2012. Also in 2012, Spain's Unemployment rate rose to an astonishing 26%. For rebuilding their economy, Spain is making steps to repair and rebuild its banking system, investing already $130 billion in EU funds to repair their banks.
This history is all revolving around two main economic terms, and probably some of the biggest factors in a country's well-being, GDP and Unemployment. As Spain's GDP began to fall due to less consumer spending, their unemployment rate rose. This meant that many people became without work and did not have the funds to spend money, therefore not contributing to economic growth. By rebuilding its bank system, Spain hopes to give its people more security in spending and storing money inside Spain's borders.