Spain is a member of the European Union and the euro area. Economically, Spain has been in a serious predicament since the financial crisis of 2008. The country’s unemployment rate skyrocketed after the economic collapse, and today it still reports one of the highest unemployment rates in the European Union, only surpassed by Greece, and more than double the EU average. Spain’s GDP, which had taken a blow as well, is now, after an estimated decade-low in 2015, expected to increase again, albeit slowly.
Since many young Spaniards are consequently looking for work elsewhere, the population’s median age has gradually increased over the last fifty years, meaning the average age of Spain's inhabitants is higher. However, despite decreasing population growth, the fertility rate seems rather stable and the population figures do not show alarming signs of migration.
More than 75 percent of Spain’s population live in cities, of which the capital, Madrid, is the largest. Thus, the lion’s share of GDP is generated in the services sector (which includes tourism, for example). Only a very small percentage of Spain’s inhabitants work in agriculture.
All in all, the prognosis for Spain is rather good, according to economists, there is now a silver lining on the horizon for the country’s economy. One important sign for this development is the amount of national debt – while the debt is estimated to increase, so is the country's GDP, as mentioned above, which means that Spain’s economy is estimated to be on its way up. However, it is unclear when and if it will reach pre-crisis levels again.