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Spain is not different. Just as in other developed countries, the country’s economy has shown a trend towards deindustrialisation and tertiarisation. Should this worry us? The authorities seem to be concerned.
Much research has documented a decline in the aggregate labor share in the United States and other countries. Yet, this is not a general phenomenon across industries. In fact, there has been a divergence between services and non-services industries in the United States since 1980.
The economy of Castile and Leon grew 1.9% in 2017 and GDP is expected to accelerate its growth to 2.5% in 2018 and 2.4% in 2019. This will add around 35,000 new jobs in the period and unemployment shall drop to 9.9%. Although pre-crisis GDP will be recovered, creating more and better jobs remains as a challenge.
Despite agents' expectations remaining positive, a negative adjustment in the components of both industry and consumer confidence is observed in January: the two indicators reduced their gap in regards to pre-crisis averages.
The agents' expectations are positive and show a widespread optimism in all components of both industrial and consumer confidence. Both indicators widened the gap with pre-crisis average and, in the case of consumers, the historical maximum has been reached. On balance, the 4T15 consolidated a year of positive expectations.
The Spanish Economy has a productivity problem: if work's productivity is equalized with Germany, will halve the gap in per capita GDP between the two countries.