Spain

Although not escaping the global slowdown, the Spanish economy has weathered it relatively well. The discussions focused on minimizing short-term risks and on identifying the structural reform priorities for the next government. However, household indebtedness has continued to rise rapidly, recently surpassing the EU average; the authorities viewed the related risks to growth as contained. The discussions also centered on issues of fiscal policy implementation. Although unemployment has been halved since the mid-1990s, it remains high and a number of rigidities persist.Article IV consultations;Economic conditions;Staff Reports;wage, benefits, fiscal policy, wage increases, fiscal accounts, fiscal restraint, government expenditure, wage indexation, fiscal framework, fiscal sustainability, fiscal consolidation, salaries, fiscal adjustment, retirement age, long-term fiscal sustainability, fiscal transparency, public debt, wage differentiation, central government expenditure, fiscal loosening, wage bargaining, salary, fiscal surplus, restrictive fiscal stance, tax incentives, wages, capital expenditure, government expenditure ceiling, fiscal stance, fiscal imbalances, fiscal outcomes, fiscal position, tax rates, central government expenditures, public finances, expansionary fiscal, fiscal impact, fiscal reporting, government spending, tax collection, expenditure increases, expenditure cuts, public spending, revenue collection, government expenditures, general government expenditure, government deficit, public finance, sick leave, fiscal data, tax revenues, fiscal risk, wage freeze, fiscal commitments, tax credits, fiscal retrenchment, fiscal corrections, fiscal risks, fiscal accounting, early retirement, central government spending