Spanish paper explores low TFP growth during expansion

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Conditions prevailing during the Spanish growth period between 1995 and 2007 suggest the expansion was driven by a "demand boom" rather than structural reforms, a working paper published by the Bank of Spain has found.

In Growing Like Spain: 1995–2007, Manuel García-Santana, Enrique Moral-Benito, Josep Pijoan-Mas and Roberto Ramos note the economy expanded by an average of 3.5% each year during the period. Total factor productivity (TFP), meanwhile, fell at an annual rate of 0.7%.

The authors

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