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| Streets of Spain Photo by M. R. on Unsplash |
For the past five years, the Spanish economy has grown steadily. In early 2019, the southern European nation led the Eurozone in growth, with a rate of 2.5 percent.
Some drivers of the Spanish economy include tourism and green energy infrastructure. Tourism made up nearly 15 percent of Spain’s gross domestic product, and the sector is expected to grow by 2.8 percent this year.
Further, the government has pledged nearly 50 billion euros into the green energy sector in an attempt to reach carbon neutrality within 30 years. Spain also sold more than 120 billion euros in bonds to Japanese investors. While this remarkable growth helped add more than 300,000 jobs, Spain still struggles with a high unemployment rate, which hovers at 14 percent.
