Government rate

According to BBVA Research’s latest Spain Outlook report, 2017 will cap off Spain’s three-year run of GDP growth at rates above three percent. Recovery will continue in 2018, but at a slower pace, in an environment marked by rising uncertainties. The report was presented today by Jorge Sicilia, Chief Economist of BBVA Group and Head of BBVA Research, Rafael Doménech, Head of Macroeconomic Analysis of BBVA Research and Miguel Cardoso, Chief Economist Spain and Portugal. Considering this scenario, BBVA Research has downgraded its GDP growth forecasts for 2017 and 2018 to 3.1 and 2.5%, from 3.3% and 2.8% in July.

In 2007, one of the biggest financial crisis in modern history started, one that has brought drastic changes to the world’s economy.

The bursting of the financial bubble caused by subprime mortgages triggered a deep economic recession, especially in countries such as Spain.  The crisis also resulted in record-high unemployment rates that still affect large segments of the population.  This is how the crisis that started a decade ago has evolved and affected people and the economy.