SPAINOverview of the marketSpain jo

SPAIN
Overview of the market
Spain joined the EU in 1986. More recently the government has had to focus on measures to reverse a severe economic recession that began in mid-2008. Austerity measures implemented to reduce a large budget deficit and reassure foreign investors have led to one of the highest unemployment rates in Europe.
Spain experienced a prolonged recession in the wake of the global financial crisis. GDP contracted by 3.7% in 2009, ending a 16-year growth trend, and continued contracting through most of 2013. Economic growth resumed in late 2013, albeit only modestly, as credit contraction in the private sector, fiscal austerity, and high unemployment continued to weigh on domestic consumption and investment. Exports, however, have been resilient throughout the economic downturn, partially offsetting declines in domestic consumption and helped to bring Spain's current account into surplus in 2013 for the first time since 1986. The unemployment rate rose from a low of about 8% in 2007 to more than 26% in 2013, straining Spain's public finances as spending on social benefits increased while tax revenues fell.
Population: 47,737,941 (July 2014 est.)
Age Structure: 0-14 years: 15.4% (male 3,791,781/female 3,575,157) 15-24 years: 9.6% (male 2,370,289/female 2,212,511) 25-54 years: 45.9% (male 11,158,451/female 10,752,197) 55-64 years: 11.4% (male 2,662,055/female 2,799,379) 65 years and over: 17.5% (male 3,582,643/female 4,833,478) (2014 est.)