At 3.2% economic growth, Spain has outperformed most of Europe

Few countries in Europe can post better economic figures than Spain right now.

There are not many times in life that GDP (gross domestic product) means all that much to the individual. No, far more important on a personal level are things like wages, job security, purchasing power and general happiness…

But after the country’s double-dip recession a few years back, Spaniards can be forgiven for taking some personal pride and happiness from the news that Spain’s GDP rose 3.2% in 2016.

And why? Well, for the most part it was the hard work, stoicism and positivity of Spain’s population that helped the country through the worst of it, aided by some tough but effective government reforms that have livened up the labour market.

The country’s National Statistics Office (INE) reported this week that in the fourth quarter of 2016, Spain’s GDP rose a further 0.7%, meaning last year was one of the best-performing years economically for the country for more than a decade.

The momentum of growth began in the third quarter of 2013 following more than three straight years of contraction. And since the upturn began, growth has steadily increased, falling only slightly on the odd quarterly occasion when the pace of economic recovery slowed.

This resilience means that Spain has outperformed pretty much all of its European peers, and the Bank of Spain expects continued growth in 2017, albeit at the slightly contracted rate of around 2.7%.

Nevertheless, this would ensure that Spain can no longer be considered a recovering economy, but rather a country where confidence and growth can be taken as a given. And for the average resident, this means greater employment prospects, wage growth, confidence across a number of industries – including real estate and tourism – and a general uplifting of the national mood and psyche.

Indeed, Spain’s economic output is now at 80% of what it was in 2008, just months before one of the biggest economic crashes in the country’s history. Now that really is something to celebrate.