In 1991, the Spanish and world economic trends diverged. The Spanish economy has move to grow at a faster pace (2.4% in gross domestic product terms) than the Twelve (1.3% on average) . Indeed, a member country, the joined Kingdom, even went into recession, during this period with its GDP falling 1.4% (appendix 4). Nonetheless, Spains current peak deficit has remained a matter of concern (2.9% of GDP in 1991). The State deficit was not cut down and widened to 4.4% of GDP. s come uping in turn had risen to 5.9% by the end of 1991 . still the most negative feature was the decline of total employment, which litter up the rate of unemployment to 16.1% (appendix 2) of the active population.
But in 1992, the situation of the Spanish economy was very different from that of a decade or two earlier. Of total investment, which accounts for 25 points of GDP, about 2.2 points represented foreign investment (appendix 3), an inflow that has continued since then. The economy has become more exposed to foreign competition (by cutting down tariffs and rase other trade barriers), and at the same time at that place are more opportunities for Spanish exports. Future growth is tied(p) to export growth. In 1991, foreign trade accounted for 29% of GDP .
The Single European Market is now presenting a parvenue challenge to Spains foreign trade.
In addition, the Spanish economy is evaluate to become even more closely integrated everywhere the next few years through the Single European Market and the Economic and Monetary Union (EMU). It is also pass judgment to expand throughout the European Economic Area (EEA) and by means of future enlargements of the European Community (European Union, today), as well as internationally, as a result of the globalization of markets. In addition, the possible reduction of protectionism...
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