Spain’s economy ended the year with a grand finale result of an enviable 3.2% growth in 2015, according to official statistics.
It was the second consecutive year of growth.
The outcome was one of the best among European countries.
Figures released earlier this week showed that unemployment fell nearly three percentage points to 21%. This leaves nearly five million people without jobs, but it is the largest drop ever registered. Nevertheless, this is the second-highest rate in the eurozone after Greece.
Spain’s economy recovery was boosted by visits from 68.1 million foreign tourists during the year. The all-time-high record resulted in part from sun seekers being reluctant to visit countries which have suffered extremist attacks.
The industry accounts for nearly 15% of the country’s GDP
Spain’s central bank said that economic growth was also achieved through stronger domestic demand and consumer spending as well as outside forces such as low interest rates and oil prices.
Spain exited recession in mid-2013 after five years of lacklustre economic performance. During his four-year tenure Prime Minister Rajoy introduced drastic spending cuts and tax increases to keep the eurozone’s fourth largest economy from complete collapse. But this also served to heighten social inequalities and may have cost him many votes in last December’s general election.
