spain

Spanish Economic Crisis Summary

Spanish Economic Crisis Summary

During the 1990s and early 2000s, Spain enjoyed rapid economic growth.┬áSpain is now the 5th largest EU economy. In particular, the rapid economic growth encouraged a boom in property. In 2006, Spain started building 800,000 new homes – more than Germany, Italy, France and UK combined. (Euro Challenge.org) However, in 2008, Spain was badly affected by the global credit crisis. The Spanish property market collapsed leading to a deep recession, that they are still struggling to recover from. Spanish Nominal GDP