August 24, 2012
Spain: An Economic Profile
Spain is one of the Euro Zone's largest economies and unlike Hungary, is a member of the euro currency bloc. Spain's CPI is on par with the US, but its debt to GDP ratio is only half of ours (50%). This is somewhat misleading, however, as Spain's state governments also have massive amounts of debt.
Spain's government spending is about 5% lower than recession highs, however, the cuts still dwarf the massive spending increases the government adopted in 2008-09. By far, the most outrageous statistic is Spain's 25% unemployment rate, which has not decreased since the start of the recession. This is the leading indicator that Spain is heading towards depression.
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