Spain shares the Iberian Peninsula with Portugal. Spain is 85% of the Iberian Peninsula In southwest Europe. Spain’s capital Is Madrid. Spain covers a total of 1 92,896 sq. Ml. Land area. Spain population Is 47,042,984 with a growth rate of 0. 654%. Spain ethnicity is made of Mediterranean and Nordic types. Roman Catholic’s is the most popular religion, having 94% of that in religion in Spain and leaving the rest of the religions at 6%. Spain’s main language is Spanish and can also be defined as Castling; it is used by 72% of the population.
Galilean is also used in the region of Galatia with 7% of the population and Basque 2%. Catalan is spoken In Catalonia with 17%. Spain also has major trading partners which are France, Germany, China, Portugal, Italy, UK and Netherlands. Spain currently has a parliamentary monarch government; meaning is a form of government set under a constitutional system which elects a hereditary monarch as the head of state. The monarch powers are made by the advice of the prime minister although the monarch owns certain reserved powers that they could use on their own granted by the parliament.
Each monarch has accepted reserve powers of their own known as the Royal Prerogative which can be used In a constitutional carols. The prime minister Is Marino Rajah. The head of state or ruler is King Juan Carols 1 . (“Spain,” 2007) Spain economy is considered as the 23rd largest most developed country. Between the years of 2008 and 2012 the recession left over a quarter of Spain’s employment unemployed by 2012. The Spanish economy decreased by 1. 4% until 2013. However, in May 2013 Spain attained a 2. 19 billion euros trade excess with the rest of the European union. Exports raised 7. % In May of the same year (“Economy of Spain,” 2012) In addition, Spain has had to experience one of the highest increases of employment in the Great financial crisis. Spain’s building markets crashed including the bankruptcy of many major companies and the unemployment of many Spanish people. The unemployment started to affect the Spanish work force and the number of unemployment Increased highly. These alarming statistics demonstrate the rate of unemployment. During late 2007 the unemployment rate Increased from 8. 3% (1 to 20. 1% n late 2010. The Gross Domestic Product began to decrease in 2008.
The major factors of this crisis are highly linked to the collapse of the real estate market, that it how the crisis evolved. Investment in housing was the most affected part, leading to the Spanish Property Bubble. ” The Spanish property bubble Is the greatest growth of real estate prices. According to Walked It Is said that from 2000 to 2009 five million new housing units were added to the existing houses. In 2008, according to the Spanish ministry of housing The real estate prices increased by 200% from 1996 to 2007. In late 2007 prices began to fall and sales of housing decreased. The most affected workforce was construction.
An estimated 500,000 construction Jobs were lost during 008. The reason construction Jobs were lost was due to the decline In house investment due to the high prices. Historical standards. House prices in Spain are growing at 1 1. 4 percent per year on average during the eleven years. Construction investment grew six percent per year on average. This related with fast private credit growth, leading to increased indebted households. The enormity and rate of the correction in house prices are factors of great importance. Both have an impact on the real economy through consumption and investment productivity. ( Crupper, 2013)