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In 1991 the Spanish and world economic trends diverged The Spanish economy has continued to grow at a faster pace 24 in GDP terms than the Twelve 13 on average Indeed a member country the United Kingdom even went into recession during this period with its GDP falling 14 appendix 4 Nonetheless Spains current account deficit has remained a matter of concern 29 of GDP in 1991 The State deficit was not cut down and widened to 44 of GDP Inflation in turn had risen to 59 by the end of 1991 But the most negative feature was the decline of total employment which drove up the rate of unemployment to 161 appendix 2 of the active population But in 1992 the situation of the Spanish economy was very different from that of a decade or two earlier Of total investment which accounts for 25 points of GDP about 22 points represented foreign investment appendix 3 an inflow that has continued since then The economy has become more exposed to foreign competition by cutting down tariffs and dismantling other trade barriers and at the same time there are more opportunities for Spanish exports Future growth is tied to export growth In 1991 foreign trade accounted for 29 of GDP The Single European Market is now presenting a new challenge to Spains foreign trade In addition the Spanish economy is expected to become even more closely integrated over the next few years through the Single European Market and the Economic and Monetary Union EMU It is also expected to expand throughout the European Economic Area EEA and by means of future enlargements of the European Community European Union today as well as internationally as a result of the globalization of markets In addition the possible reduction of protectionism in the agricultural and service sectors as a result of the next Round of the GATT will bring about a greater world projection of
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