MADRID | By JP Marin Arrese | The Spanish government claims its structural reforms are paying off. For several months in a row unemployment performance has markedly improved, rising hopes to curb the current staggering level: more than one in four workers queuing in the dole. It also helps that exports are growing at 8% rate, allowing to save jobs and keep the economy running.
Exports of goods and services, which already account for 33% of GDP, have been one of the best surprises during the crisis. They are the only component of aggregate demand that has exceeded the pre-crisis level, becoming the real lever for exiting from the crisis, according to BBVA Research’s Economic Watch.