Spain Economy

Spain is currently the 9th largest economy in the world.

With the Oil Crisis in 1973, which caused about 10 years of severe industrial crisis in Spain (1975-1985), the need to modernize the economy and join the European Community became obvious.

In 1986, Spain joined the European Community (now European Union (EU)), which made it necessary for the country to open its economy, and modernize its industrial base. With support from the EU, Spain improved its infrastructure, reduced Public debt and unemployment as well as inflation.

The country's tourism industry has continued to grow in importance and value and is now the second largest in the world and critical to the country's economic well-being. This has also had a knock-on effect on the country's property industry and prices which have also seen a huge boom in recent years.

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