The Spanish economy was hit hard by a prolonged recession in the wake of the global financial crisis that began in 2008. However, GDP growth rates in the last two years look promising, with growth rates of 3.2% in 2015 and 2016, respectively.
Industrial production (as measured by IPI) has experienced several periods of decline over the course of the last decade. The most notable period of decline was experienced during the 2008-09 financial crisis, where industrial production fell by 8% and 16% in 2008 and 2009 respectively. The IPI rate also declined in 2013, but has since recovered, with a growth rate of 1.1% in 2018.
Within the 2018-2023 timeframe, gasworld business intelligence predict growth from 3.1% p.a. in a low scenario to 3.8% p.a. in a high scenario. Accordingly, the industry in Spain is expected to achieve revenues of between $1.40bn to $1.45bn by 2023.
Published: 2020
... to continue reading you must be subscribed
