Spain’s economy on the up
Spain is heading for its third
consecutive year of economic
growth of just over 3%, the fastest
of any large economy in the euro
area.
It is creating about 500,000
jobs a year. According to Luis de
Guindos, the economy minister,
last month the country’s GDP
surpassed its pre-crisis peak.
Much of the credit for this
recovery goes to structural reforms
the government pushed through
in 2012.
Spain’s renewed growth has
sounder foundations than in
the past. In the early years of
this century the economy was
powered by construction, which
accounted for up to a fifth of
GDP, and by foreign loans. This
time the growth is led by exports,
which have reached 33% of GDP
(up from 23% in 2009).
“We’ve recovered competitiveness,”
says Mr de Guindos. Spain is now
continental Europe’s second-
biggest car producer and exporter
after Germany.
Tourism is booming, too.
The country has diversified
its
exports
into
chemicals,
pharmaceuticals, machinery and
professional services.
More than 150,000 Spanish
companies export, half as many
again as in 2007. The Economist
Iberdrola and MIT Energy
Initiative announce $10.3
million collaboration to spur
energy and environmental
innovation
The five-year collaboration aims to
advance technologies and policies
that contribute to the energy
transition and the fight against
climate change. It will support
efforts through the MIT Energy
Initiative and related initiatives.