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 of, economy and/or spain:
“Unaware of the absurdity of it, we introduce our own petty household rules into the economy of the universe for which the life of generations, peoples, of entire planets, has no importance in relation to the general development.”
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“Heroic ages are not and never were sentimental and those daring conquistadores who conquered entire worlds for their Spain or Portugal received lamentably little thanks from their kings.”
—Stefan Zweig (18811942)