OECD economic surveys : Spain 2014

Description

The OECD Economic Survey of Spain for 2014 examines recent economic developments, prospects and policies. This edition includes special chapters covering raising potential growth and boosting the business sector. Table of contents Basic statistics of Spain, 2013 Executive summary Assessment and recommendations Figure 1. Fiscal consolidation and structural reform efforts Macroeconomic performance and risks Recovery will be gradual and moderate Figure 2. Macro indicators Table 1. Macroeconomic indicators and projections Helping the private sector to reduce its indebtedness Figure 3. Debt reduction Figure 4. Debttoearnings ratio of firms The stock of credit is still falling The current account moved to surplus but the stock of accumulated imbalances remains large. Figure 5. Lending to nonfinancial corporationsFigure 6. Credit conditions Figure 7. External imbalances Fiscal policy Mediumterm fiscal sustainability is improving Figure 8. Longterm sovereign interest rate spreads Figure 9. Fiscal situation Table 2. Mediumterm fiscal plan Figure 10. Illustrative public debt paths Table 3. Contingent liabilities Table 4. Performance of stateowned enterprises Fiscal consolidation, inequality and growth Figure 11. Inequality: Gini coefficient of household disposable income Figure 12. Poverty rates Figure 13. Taxation The financial sector. Figure 14. Capital ratios and nonperforming loansRecommendations to reduce debt and increase competitiveness Sustainably boosting wellbeing, mediumterm growth and jobs Figure 15. Wellbeing outcomes: Better Life Index Figure 16. Potential growth Towards a better performing labour market Figure 17. The labour market situation is difficult Table 5. Average caseload in the public employment service Increasing the contribution of education and innovation to growth Towards a green economy Figure 18. Green growth Recommendations to sustainably boost mediumterm growth and jobs. Business sector performanceFigure 19. Distribution of firms by size class Figure 20. Productivity of firms in the manufacturing sector by firm size class Favouring startups and firm expansion Figure 21. Product market regulation indicators: Barriers to entrepreneurship Figure 22. Effective corporate tax rates by firm size Towards more diversified financing Strengthening competition Recommendations to boost business sector performance Bibliography Annex. Progress in structural reform Thematic chapters. Chapter 1. Better harnessing talent and knowledge to boost sustainable mediumterm growth in SpainIntroduction How well is Spain placed to grow in the mediumterm? Figure 1.1. Potential GDP growth and selected components Figure 1.2. Spanish population: Historical and projections Figure 1.3. Boosting growth through reform: Longrun GDP per capita scenarios Boosting productivity sustainably: towards a more innovative, greener and educated economy Boosting productivity through innovation Figure 1.4. Research and development expenditure Figure 1.5. The innovation system.