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On the housing bubble.
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In 2009, after the collapse of the construction sector caused by the bursting of the housing bubble and the effects of the global economic crisis, the number of housing units started fell to 160,000, and there were almost 700,000 housing units in stock (that is, completed but unsold).<ref name="Concheiro_Spain">Isabel Concheiro. [http://www.architecturalpapers.ch/pdf.php?ID=4 "Spain Interrupted: On the form of the financial bubble"], ''DAP - Digital Architectural Papers'', Issue 1, 16.2.2011. Referenced 2011-02-15.</ref>
In 2009, after the collapse of the construction sector caused by the bursting of the housing bubble and the effects of the global economic crisis, the number of housing units started fell to 160,000, and there were almost 700,000 housing units in stock (that is, completed but unsold).<ref name="Concheiro_Spain">Isabel Concheiro. [http://www.architecturalpapers.ch/pdf.php?ID=4 "Spain Interrupted: On the form of the financial bubble"], ''DAP - Digital Architectural Papers'', Issue 1, 16.2.2011. Referenced 2011-02-15.</ref>
{{See also|Great Recession}}
{{See also|2010 European sovereign debt crisis}}


===Statistics===
===Statistics===

Revision as of 22:30, 20 February 2011

Spain's powerful world empire of the 16th and 17th centuries ultimately yielded command of the seas to England. Subsequent failure to embrace the mercantile and industrial revolutions caused the country to fall behind Britain, France, and Germany in economic and political power. Spain remained neutral in World Wars I and II but suffered through a devastating civil war (1936-39). A peaceful transition to democracy following the death of dictator Francisco FRANCO in 1975, and rapid economic modernization (Spain joined the EU in 1986) gave Spain a dynamic and rapidly growing economy and made it a global champion of freedom and human rights. The government continues to battle the Basque Fatherland and Liberty (ETA) terrorist organization, but its major focus for the immediate future will be on measures to reverse the severe economic recession that started in mid-2008.[1]

Economical characteristics

  • Currency: Euro (ISO code: EUR)
  • Central bank discount rate: 3% (May 2009)[1]
  • Commercial banks lending rate: 11.02% (31 December 2008)[1]
  • is part of the Eurozone
See also: Inflations#Vellon inflation in Spain
See also: Panic of 1866

Spanish housing bubble

In Spain, 2006 was a milestone as regards the number of houses constructed: 760,000; more than the 650,000 started that year in France and the United Kingdom, whose combined populations almost triple that of Spain. Between 2001 and 2008 around four million new houses have been built and the average number of housing units completed per year was 565,000, more than double the figure of 250,000 for the previous decade. This is equivalent to the construction of twelve dwellings per thousand inhabitants, far in excess of the European average of five per thousand.

In 2009, after the collapse of the construction sector caused by the bursting of the housing bubble and the effects of the global economic crisis, the number of housing units started fell to 160,000, and there were almost 700,000 housing units in stock (that is, completed but unsold).[2]

See also: Great Recession
See also: 2010 European sovereign debt crisis

Statistics

Statistic / Year 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008
GDP (million USD)[3] 617 880 580 673 609 108 686 247 883 667 1 044 250 1 130 200 1 232 350 1 437 910 1 604 230
Govt. debt (% of GDP)[4] 61.103 58.924 54.439 52.975 48.321 47.277 38.376 34.085 30.084 33.801
Govt. revenue (% of GDP)[5] 31.182 31.059 31.054 27.430 26.629 25.647 26.183 26.975 27.741 24.459
Govt. expenses (% of GDP)[6] 32.052 31.277 30.488 26.739 25.550 26.041 24.952 24.989 25.193 26.271
Debt to revenue (years) 1.960 1.897 1.753 1.931 1.815 1.843 1.466 1.264 1.084 1.382

References

Note: statistical data was rounded. Different sources may use different methodologies for their estimates. Debt to revenue is calculated by dividing the two variables from their original ('unrounded') values. It represents how long it would a government take to repay its entire debt if it used its whole revenue for this purpose.

  1. ↑ 1.0 1.1 1.2 Cite error: Invalid <ref> tag; no text was provided for refs named CIA_ES
  2. ↑ Isabel Concheiro. "Spain Interrupted: On the form of the financial bubble", DAP - Digital Architectural Papers, Issue 1, 16.2.2011. Referenced 2011-02-15.
  3. ↑ World Bank. "Spain: GDP", from World Bank Data. Referenced 2010-09-29.
  4. ↑ World Bank. "Spain: government debt", from World Bank Data. Referenced 2010-09-29.
  5. ↑ World Bank. "Spain: government revenue", from World Bank Data. Referenced 2010-09-29.
  6. ↑ World Bank. "Spain: government expenses", from World Bank Data. Referenced 2010-09-29.

External links

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