The economy of Spain is the twelfth-largest economy in the world, the fifth-largest in the European Union, and the fourth-largest in the Eurozone, based on nominal GDP comparisons. Spain is regarded as the world's 23rd most developed country, among the countries of very high human development. Until 2008 the economy of Spain had been regarded as one of the most dynamic within the EU, attracting significant amounts of foreign investment.
Between 2000 and 2008 Spain's economy had been credited with having avoided the virtual zero growth rate of some of its largest partners in the EU. In fact, the country's economy had created more than half of all the new jobs in the European Union over the five years ending 2005. Between 2008 and 2012 this process was rapidly reversed, characterized by the fact that almost a quarter of Spain's workforce is currently unemployed.
Read more about Economy Of Spain: Recent Developments, Growing Reduction of European Union Funds, 2008–2012 Financial Crisis, Spanish Banking System, The Euro Debt Crisis, Employment Crisis, Prices, Economic Strengths
Famous quotes containing the words economy and/or spain:
“I favor the policy of economy, not because I wish to save money, but because I wish to save people. The men and women of this country who toil are the ones who bear the cost of the Government. Every dollar that we carelessly waste means that their life will be so much the more meager. Every dollar that we prudently save means that their life will be so much the more abundant. Economy is idealism in its most practical terms.”
—Calvin Coolidge (1872–1933)
“How the devil am I to prove to my counsel that I don’t know my murderous impulses through C.G. Jung, jealousy through Marcel Proust, Spain through Hemingway ... It’s true, you need never have read these authorities, you can absorb them through your friends, who also live all their experiences second-hand. What an age!”
—Max Frisch (1911–1991)