The economy of Spain is the world's 13th largest by nominal GDP. Spain is a member of the European Union. Spain is also a member of the Organization for Economic Co-operation and Development and the World Trade Organization. Spain has an interesting capitalist mixed economy. Following the financial crisis of 2007–2008, the Spanish economy plunged into recession. The country entered a cycle of negative macroeconomic performance. The economic boom of the 2000s was reversed, leaving over a quarter of Spain's workforce dangerously unemployed by 2012. Nowadays 5 languages are spoken in Spain: Galician- Portuguese, Spanish (Castilian), Basque, Catalan and Occitan (aranès). Madrid is the capital city of Spain.
Unfortunately, Spain GDP contracted by almost 9% during 2009–2013. The economic situation started improving by 2013–2014. Fortunately, Spain could reverse the record trade deficit which had built up during the boom years. Spain attained a trade surplus in 2013 after 3 decades of running a trade deficit. The surplus continued strengthening during 2014 and 2015.
Catalonia is different from Spain. Catalonia is an autonomous community on the northeastern corner of Spain. It self-designated as a nationality by its Statute of Autonomy. Catalonia has 4 provinces: Barcelona, Girona, Lleida, and Tarragona. The capital and largest city is Barcelona. It is the second-most populated municipality in Spain. It is also the core of the 6th most populous urban area in the European Union. The official languages are Catalan, Spanish, and the Aranese dialect of Occitan.
The history of Spain is marked by many waves of conquerors who brought their distinct cultures to the peninsula. After the passage of the Vandals and Alans down the Mediterranean coast of Hispania from 408, the history of medieval Spain begins with the Iberian kingdom of the Arianist Visigoths (507–711), who were converted to Catholicism with their king Reccared in 587. Visigothic culture in Spain can be seen as an interesting phenomenon of Late Antiquity as much as part of the Age of Migrations.
Now in the modern times, a population slowdown is holding back Spain’s economy. Spain has a low birth rate. New migration trends pose questions about the country’s ability to create significant growth. The effort of paying back debt is increased when the country’s population size decreases. The Bank of Spain predicts that the Spanish economy will grow annually at about 1.25% a year. In the recent years, job creation has been slowing down. The Bank of Spain forecasts that the Spanish economy will go on a gradual path of deceleration until 2022.
Above: Beautiful Nature in Spain
Above: Map of Spain
Above: Beautiful Architecture in Spain
Above: Beautiful Bridge in Spain
Above: Beautiful Beach in Spain
Above: Medieval Spanish Armor
Above: Ancient Spanish Artifacts
Above: Spanish Shipwreck
Above: Buried Roman treasure found during construction in Spain