In the 1950s Spain transformed from an agrarian to an industrial country. By the volume of industrial output Spain is the fifth largest in Europe and the eighth - in the world. In the second half of the 1980s, the economy Spain has been the most dynamic in the Europe , the average annual growth in gross domestic product (GDP) was 4 , 1% in 1986-1991. Spad world economy in the 1990s has caused a sharp decline in GDP growth to 1.1% in 1992. At the same time sharpen the problem of unemployment. Part of unemployed in Spain in 1994 reached 22% (the highest figure for the European Union).
In the 1960s, the annual rate of GDP growth increased to 7.2% from 4.5% in 1955-1960gg. In order to increase the national income in 1959 was abolished direct state control in the industry, which has led to a rapid increase in imports. The trade deficit was compensated by high income from tourism in Spain. However, formation, despite this progress, the structural imbalances that have impeded the economic development of Spain, remained. These include outdated farming methods, a large number of industrial enterprises are not competitive on the world market; significant government support inefficient areas of difficult industry, including steel and shipbuilding, and dependence on oil imports. In the 1970s the government sought to increase the efficiency and competitiveness of the economy, but the global crisis that began in 1973 because of four single increase in world oil prices, painfully hit by Spain.
In 1982, after coming to power, the Spanish Socialist Workers' Party of Prime Minister Felipe Marquez Gonsalisom embarked on a restructuring of the industry, investing in infrastructure, modernization of financial and capital markets, the privatization of some state enterprises and Spain's entry into the EU (1986).
In the second half of the 1980s, the economic situation in Spain has improved. The program of industrial restructuring was aimed at the outflow of resources and labor from inefficient industries that are in decline (shipbuilding, iron and steel, textiles) and provide a new, more competitive enterprises investment loans and subsidies. Until 1987, that plan was carried out for 3/4: The volume of production in the most targeted industry Melting sharply. Accession to the EU has also stimulated the growth of the economy: the beginning - 1990s Spain has received almost one fifth of the regional EU subsidies.
The economic recession that occurred in the early 1990s was partly due to the balance of payments deficit after 1989. Although revenues from tourism in Spain and reduced the deficit in 1992, particularly thanks to the Summer Olympic Games in Barcelona and the World Exhibition "Expo-92" in Seville, in the sector of the economy showed signs of stagnation. Most of the investments went napravlyatsya in the traditionally privileged areas (Barcelona, Madrid), to the detriment of depressed areas (Asturias). Not flexible job market continued to hamper efforts to reduce the high level of unemployment.
Gross domestic product (GDP) in Spain in 1991 was estimated at 496 billion dollars, or 12,719 dollars per capita. Mote industry was 26% of GDP, construction - 10%, and agriculture - 4%.