Spain

With the first signs of recovery recorded by the end of 2013, Spain's economy has emerged from recession, the European experts estimate for 2015 doubling of the growth rate. Opposed to the previous period, when exports represented the "engine" of the Spanish economy, recent evolutions show that reviving growth will rely mainly on domestic demand, driven by private consumption and investments. This change is closely related to the favorable aspects on the labor market, severely tested in recent years, but also to the deflationary trends installed in Spain and the euro area since the second half of last year. The specialists say that Spain became a performer of the EU in terms of economic growth, gathering the results of successfully reforms implemented after 2012, to this contribute both – internal factors (ECB expansionist monetary policy, the gradual process of fiscal consolidation), and external factors (euro depreciation and the low price of oil). The recovery of the banking system, export competitiveness of Spanish companies, as well as reducing of the budget deficit, complete a positive characterization by the international specialists. However, the fourth euro zone economy remains vulnerable to "shocks", the unemployment still high and rising public debt being critical issues and, at the same time, major risks on medium and long term.