Spain: 2013 Article IV Consultation

August 2, 2013

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Spain: 2013 Article IV Consultation, (USA: International Monetary Fund, 2013) accessed November 21, 2024

Summary

This 2013 Article IV Consultation highlights that the Spanish economy accumulated large imbalances during the long boom that ended with the global financial crisis. Unemployment soared, the fiscal position deteriorated sharply, and funding conditions tightened for both the public and private sectors. Key imbalances are correcting rapidly. Growth has been negative in the last seven quarters, unemployment has reached high levels, and financing conditions remain tight for small firms. The reform process has accelerated and deepened. Decisive reforms in the labor, financial, and fiscal sectors, in line with past IMF staff recommendations, is helping stabilize the economy.

Subject: Banking, Economic sectors, Employment, Financial sector, Fiscal policy, Fiscal stance, Labor, Wages

Keywords: CR, Employment, Europe, Financial sector, Fiscal stance, Global, Government, Holding, IMF balance of payments manual, Insolvency regime, ISCR, Liability positions vis, Private sector, Private sector debt, Vis nonresident, Wages

Publication Details

Pages:

66
Volume:

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DOI:

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Issue:

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Series:

Country Report No. 2013/244
Stock No:

1ESPEA2013003
ISBN:

9781484343180
ISSN:

1934-7685

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