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Spain: new economic upturn, but no new business fiesta

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  • Oscar-Erich Kuntze

Abstract

In 2001, Spain’s economy grew by 2.8%, at a faster pace than the EU average, thus continuing Spain’s convergence process with the other EU countries. Inflation at 3.7% was at its highest rate since the mid-1990s. Unemployment, despite its reduction to an average annual rate of 13%, was the highest in the EU. In 2002, real GDP will increase by almost 2%. Unemployment could grow by an average of 13½%, with an improvement in the labour market not coming until the second half of the year. Consumer prices will increase by a good 2½%. In 2003, economic growth is expected to be approximately 3%. The unemployment rate will fall to 12½% and inflation will be 2¾% higher than in 2002.

Suggested Citation

  • Oscar-Erich Kuntze, 2002. "Spain: new economic upturn, but no new business fiesta," ifo Schnelldienst, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 55(06), pages 34-41, March.
  • Handle: RePEc:ces:ifosdt:v:55:y:2002:i:06:p:34-41
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    More about this item

    JEL classification:

    • O10 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - General
    • O52 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Europe

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