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OECD Economic Surveys: Spain 2005

image of OECD Economic Surveys: Spain 2005

This 2005 edition of OECD's periodic survey of Spain's economy opens with a broad assessment of economic challenges and includes chapters covering macroeconomic stability and competitiveness, raising productivity growth and job creation, getting the most out of public sector decentralisation and reforming the public pension system. 

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Assessement and Recommendations

For a decade now, Spain’s performance has been remarkable. Growth has been robust, allowing real convergence at a fairly brisk pace, with the standard of living differential with the euro area average shrinking from 20% to less than 13% between 1995 and 2003. Fiscal consolidation, the fall in interest rates due to the introduction of the single currency, structural reforms pursued since the mid-1990s and a surge in immigration have created a virtuous circle of rapidly rising activity sustained by strong job creation. But...

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