Front Matter

Front Matter Page

© 1996 International Monetary Fund

June 1996

IMF Staff Country Report No. 96/56

Spain—Recent Economic Developments

This report on recent economic developments in Spain was prepared by a staff team of the International Monetary Fund as background documentation for the periodic consultation with this member country. As such, the views expressed in this document are those of the staff team and do not necessarily reflect the views of the Government of Spain or the Executive Board of the IMF.

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Front Matter Page

INTERNATIONAL MONETARY FUND

SPAIN

Recent Economic Developments

Prepared by a Staff Team 1/

Approved by the European I Department

March 29, 1996

Contents

  • Basic Data

  • I. Domestic Economy

    • 1. Overview

    • 2. Demand and expenditure developments since 1993

      • a. Exports

      • b. Private consumption

      • c. Gross fixed investment

      • d. Stockbuilding

      • e. Imports

      • f. Saving-investment balance

      • g. The composition of output

    • 3. Prices

    • 4. Labor market

      • a. Recent developments in employment, unemployment and wages

      • b. The effects of the labor market reforms

  • II. Public Sector

    • 1. Performance of the general government

    • 2. Performance of the central administration

      • a. State operations

      • b. Social security system

    • 3. Performance of regional and local governments

    • 4. Relations with the EU

    • 5. The 1996 budget rollover

  • III. Monetary and Exchange Rate Developments

    • 1. Overview

    • 2. The autonomy of the Bank of Spain and the objectives of monetary policy

    • 3. Instruments and monetary aggregates

      • a. Instruments

      • b. Monetary aggregates

    • 4. Developments in exchange and interest markets

      • a. Exchange markets

      • b. Short-term interest rates

      • c. Long-term interest rates

    • 5. The banking sector and other financial institutions

      • a. Main trends

      • b. Structural consolidation

      • c. The Banesto crisis and developments in banking supervision

      • d. Banking profitability and financial operations

  • IV. External Sector

    • 1. The current account and its components

    • 2. The capital account

    • 3. Competitiveness and the real exchange rate

  • V. Structural Issues

    • 1. Introduction

    • 2. Public enterprises and the privatization process

      • a. The budgetary impact of public enterprises

      • b. Financial relations between SEPI and the government

      • c. Industrial policy issues

    • 3. The electricity sector

      • a. Market size and distribution

      • b. Price policies

      • c. Main features of the new framework

    • 4. Pension funds and other long-term collective savings instruments

      • a. Pension schemes

      • b. Investment funds

  • Tables

  • 1. Demand and Output, 1990-94

  • 2. Quarterly Evolution of GDP, 1993-95

  • 3. Contribution to the Growth of Real Aggregate Demand, 1990-94

  • 4. Factors Accounting for Growth in Private Consumption, 1990-94

  • 5. Household Disposable Income, 1990-94

  • 6. GDP by Sectors, 1990-94

  • 7. Production Indicators, 1990-95

  • 8. Prices, 1990-95

  • 9. Population and Unemployment, 1990-95

  • 10. Contribution to Total Employment Growth by Sectors and Categories, 1990-95

  • 11. Employment by Sectors, 1990-95

  • 12. Indicators of Labor Costs, 1990-95

  • 13. General Government - Overall Balances, 1990-95

  • 14. General Government Nonfinancial Operations, 1990-95

  • 15. General Government Financing, 1988-94

  • 16. General Government Financing by Debt Holder, 1988-1994

  • 17. State Nonfinancial Operations, 1990-94

  • 18. State Financing, 1988-1994

  • 19. Recent State Operations—National Accounts Basis

  • 20. Details of Recent State Operations—Transactions Basis

  • 21. State Recent Financing Operations, 1993-95

  • 22. Nonfinancial Operations of the Social Security System, 1990-94

  • 23. Social Security System—Recent Operations

  • 24. Territorial Government Nonfinancial Operations 1990-94

  • 25. Financial Relations with the EC, 1990-95

  • 26. Monetary Survey, 1990-95

  • 27. Monetary Survey, 1990-95

  • 28. Monetary Aggregates, 1990-95

  • 29. Main Interest Rates, 1990-95

  • 30. Financial Markets Developments, 1990-95

  • 31. Exchange Rate Indicators, 1990-95

  • 32. Balance of Payments in Spanish Pesetas, 1990-95

  • 33. Balance of Payments in U.S. Dollars, 1990-95

  • 34. Current Account Balance, 1990-95

  • 35. External Trade, 1990-94

  • 36. Trade Composition by Products, 1990-94

  • 37. Direction of Trade, 1990-94

  • 38. Selected Indicators of Export Performance, 1990-94

  • 39. Official Development Assistance, 1990-95

  • 40. Main Public Sector Entities: Publicly Owned Companies

Basic Data

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Sources: Data provided by the Spanish authorities; and staff estimates.
Spain: Recent Economic Developments
Author: International Monetary Fund