- From 2008-2013, Spain’s economy shrank by 10% (real-estate/credit crisis), forcing the country to accept a $48 billion EU bailout.
- Business-friendly labor market reforms implemented by former PM Mariano Rajoy (2012) sparked a rebound (5 consecutive years of growth).
- Spanish exports also benefitted from the global recovery; large corporations (ie Inditex, parent of Zara) shifted focus abroad during slump.
- Despite improvements, Spain’s variable-rate mortgage debt remains high (defaults could spike with interest rate increases) and unemployment is still 16% (peaked at 26% during recession).
