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OFICINAECONÓMICADELPRESIDENTE
2The Spanish economy experienced
14 consecutive years of positive growth
, which haveallowed it to converge with Europe in per capita terms.
1994-2008: Convergence with Europe…
Convergence with Italy in GDP per capita(ppp) terms.Convergence with the EU25 in GDP per capita(ppp) terms.
Spain/ItalyGDP perinhabitantProductivity/ hourHours / totalemploymentEmploymentrateDemographicfactor (*)2000
83,388,591,3101,9101,2
2005
97,399,591,4103,1103,8
2007
103,4106,189,4104,5104,4
(*) Population aged 15-64 / Total population.
GDP -
volumes
-10123456
IIIIVIIIIIIIVIIIIIIIVIIIIIIIVIIIIIIIVIIIIIIIVIIIIIIIVIIIIIIIVIIIIIIIVIIIIIIIVIIIIIIIVIIIIIIIVIIIIIIIVIIIIIIIVIIIIIIIVIII199419951996199719981999200020012002200320042005200620072008
QoQYoY
Spain/EU25GDP perinhabitantProductivity/ hourHours / totalemploymentEmploymentrateDemographicfactor (*)2000
92,7 98,4 100,2 93,9 100,3
2005
97,9 97,5 99,6 99,8 101,1
2007
101,6 101,7 97,9 100,1 102,1
(*) Population aged 15-64 / Total population.
OFICINAECONÓMICADELPRESIDENTE
3
Housing investment in Spain, as%GDP (1996-2008)Housing starts in Spain
An Over-sized residential construction sector
The decline in the housing sector started in 2006. The international financial crisis turnedinto a more severe process what could have been a smooth adjustment.
3,03,54,04,55,05,56,06,57,07,58,0
I IIIIIIVI IIIIIIVI IIIIIIVI IIIIIIVI IIIIIIVI IIIIIIVI IIIIIIVI IIIIIIVI IIIIIIVI IIIIIIVI IIIIIIVI IIIIIIVI IIIIIIV1996 1997 1998 1999 000 001 002 003 004 005 006 007 008
SpainEuro zone (2008)
050.000100.000150.000200.000250.000I IIIIIIVI IIIIIIVI IIIIIIVI IIIIIIVI IIIIIIVI IIIIIIVI IIIIIIVI IIIIIIVI IIIIIIVI IIIIIIVI IIIIIIVI IIIIIIV1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008
Housing: investment, employment
(annual growth rate)
-25,0-20,0-15,0-10,0-5,00,05,010,015,020,0
I II IIIIV I II IIIIV I II IIIIV I II IIIIV I II IIIIV I II IIIIV I II IIIIV I II IIIIV I II IIIIV I II IIIIV I II IIIIV I II IIIIV1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008
Inv. Vivienda Ocupados
Housing, Price index
-15-10-505101520I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I2002 2003 2004 2005 2006 2007 2008 2009Ministerio de la Vivienda TINSAINE
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