spain

Spain

Spanish Economic Crisis Summary

During the 1990s and early 2000s, Spain enjoyed rapid economic growth and became 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 persisted for several years. Spanish Nominal GDP