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The GDP growth rate in the context of the World Development Indicators (WDI) refers to the annual percentage increase or decrease in a country's Gross Domestic Product (GDP), adjusted for inflation. The WDI is a comprehensive database maintained by the World Bank that tracks various economic, social, and environmental development indicators across the globe.
Key Takeaways
Spain GDP Growth Rate by Year (1961-2023)
Spain’s growth history reflects periods of strong expansion and severe crises. The 1960s were marked by impressive double-digit growth, peaking at 11.8% in 1961. However, the 1975 global recession and energy crisis led to stagnation, with only 0.5% growth. Recovery ensued in the late 1980s, driven by structural reforms and EU integration.
The global financial crisis of 2009 hit Spain hard, contracting GDP by -3.8%, with a slow and uneven recovery. The pandemic's impact in 2020 was even sharper, causing a significant -11.2% contraction. However, a robust recovery followed, with 6.4% in 2021 and a continued upswing to 5.8% in 2022, before settling at 2.5% in 2023 amid global economic adjustments.
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