J.L. M. Campuzano (Spanish Banking Association) | The Spanish economy’s deleveraging process is still ongoing. But the data for Q3 shows different trends in financing capacity depending on the sector.
Spain’s financing capacity
MADRID | By Julia Pastor | When the crisis began in 2007 Spain’s external deficit was over 10% of GDP. It was along with U.S the highest in the world. The country’s economy, however, closed year 2013 with financing capacity for the first time since 1998, reaching to 1.5% of GDP and amounting €15.6 bn. This means Spanish external position shifts direction, thus being capable not only of paying its debt but also generating money for other countries to lend.