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3.1 Overview (The Spanish economy incipient recovery)

Bank of Spain. Annual Report. Madrid. 2014

Tuesday 15 November 2016, by Carlos San Juan


As from the second half of 2013, a scenario of incipient recovery progressively firmed in the Spanish economy, continuing into the opening months of 2014. Quarter-on-quarter GDP growth rates turned positive, though moderate, and modest job creation ensued. Both external and domestic factors came into play here. The economic policy decisions adopted by the euro area governments, progress in euro area governance and the ECB’s expansionary monetary policy have contributed to relaxing financial tensions, although they still remain high, and to sustaining the fragile recovery in the European economy. In turn, internally, significant headway has been made in restructuring the banking system and in correcting, to varying degrees, fiscal and competitiveness-based imbalances, among others. Joint action on these fronts has led to an easing of the adverse financing conditions and a pick-up in the confidence of both international investors and domestic households and firms, which have enabled the Spanish economy to overcome the extreme tensions of 2012 and exit the second recession of the crisis.

(Downloadable pdf bellow, Annual Report, 2014)

Link to Annual Report. Bank of Spain

1 Introduction

2 The external boost to the recovery of the Spanish economy

3 Adjustment and recovery in the Spanish economy

3.1 FISCAL CONSOLIDATION

3.2 RECOVERY IN COMPETITIVENESS

3.3 THE RESTRUCTURING AND CLEAN-UP OF THE BANKING SYSTEM

3.4 THE PROGRESSIVE NORMALIZATION OF THE FINANCING OF THE ECONOMY

4 The legacy of the crisis and the role of Spanish economic policy

To know more about the topics listed below click in BOXES:

BOXES

1 THE RECENT MODERATION IN INFLATION: OUTLOOK AND RISKS BOX 1

1.1 THE ROLE OF STRUCTURAL REFORMS IN AN ENVIRONMENT OF HIGH DEBT BOX 1.1

1.2 ROLE OF THE EXTERNAL SECTOR IN THE TRANSMISSION OF THE EFFECTS OF THE REFORMS (a) BOX 1.2

1.3 AN ANALYSIS OF THE STRUCTURAL COMPONENT OF UNEMPLOYMENT BOX 1.3

2.1 EFFECT OF INDEBTEDNESS ON EMPLOYMENT AND INVESTMENT BY NON-FINANCIAL CORPORATIONS BOX 2.1

2.2 CORPORATE DEBT RESTRUCTURING AND INSOLVENCY PROCEEDINGS BOX 2.2

3.1 FORWARD GUIDANCE BOX 3.1

3.2 BANK LOANS TO THE PRIVATE SECTOR IN THE EURO AREA BOX 3.2

Attached documents


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