Tag: Spain Economy

Spanish economy is doing amazingly better since the nation was left without a government: unemployment dropped significantly, GDP was preserved and exports rose to historical levels.

Despite facing an unprecedented political crisis, Spain is flourishing economically. For the past 8 months this country has run without an official government, but the GDP growth stood at 0.8% for four consecutive quarters and there is a possibility for the economy to record a growth rate of over 3%, well above the European average.

The unemployment rate, one of the highest in the EU, fell dramatically below 20% for the first time since 2010, while exports climbed 2.3% in the first half of this year, reaching a historical peak.

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Spain has a largely powerless interim government since December 2015. Mariano Rajoy, the prime minister in office, is not allowed to initiate new laws, appoint ministers and officials nor to approve budgets. As for the Spanish parliament, it has not passed a bill from last October.