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  • 27-June-2022

    English

    Inclusive growth and resilience in Bilbao, Spain

    Before the pandemic hit, the city of Bilbao had the highest economic growth in Spain from 2000 to 2018, driven by a shift from heavy industry to a service-based economy. It also benefitted from a burgeoning tourism and culture sector, thanks to developments such as the Guggenheim Museum in 1998. Plagued with high unemployment in the late 90s, unemployment started to drop until 2008. However, such promising trends were unable to shield the city from the 2008 global financial and later COVID-19 crisis. This study assesses inequality in Bilbao and how the COVID-19 pandemic and the city’s response and recovery measures have affected its inclusive growth agenda. It also examines how Bilbao’s approach to deploying a smart city strategy and localising the SDGs contributes to the city’s overall resilience and inclusive growth objectives.

  • 8-December-2021

    English

    Estimating regional house price levels - Methodology and results of a pilot project with Spain

    While indices tracing the evolutions of regional house prices are increasingly available, this is less the case for similar data on house price levels. And where data on house price levels exist, they are not necessarily consistent with the patterns observed from house price indices. Yet, consistent regional statistics on house price levels are fundamental to assess housing affordability, potential barriers to labour mobility across regions, and for the design of housing policies. This article puts forward a method to compile regional house price levels that are consistent with the evolutions given by quality-adjusted house price indices, representative of the underlying stock of dwellings, and based on the information on house price levels that is available at all dates rather than in a single reference year. This method could be scaled up to different countries. The results obtained with Spanish data show that the decline in house prices following the global financial crisis of 2008-09 initially reduced the dispersion in house prices across Spanish regions, but this dispersion has increased again afterwards, and since 2016, it exceeds the one recorded in 2008. A comparison of price-per-m² to regional-income ratios shows that the relative housing affordability in the region of Madrid deteriorated compared to all other Spanish regions in the last decade. Monitoring whether shifts in housing demand following the COVID-19 pandemic will reverse this trend will be key.

  • 6-July-2021

    English

    Enhancing digital diffusion for higher productivity in Spain

    The increased adoption of digital technologies has been transforming the Spanish economy. The COVID-19 crisis is expected to speed up this process. The new digital strategy, ‘Digital Spain 2025’, features a number of ambitious objectives in a timely manner. There is a need to promote digital diffusion across the country by developing communication infrastructure further, while addressing the digital divide across regions and ensuring digital security. Addressing key bottlenecks, such as people’s skills, through education policies at every level, would enable the use of digital technologies and boost productivity growth. This would help in particular laggard firms and low-skilled people, making the benefits of digitalisation shared by all. In parallel, R&D should be enhanced to lift the capacity of firms to adopt and use digital technologies effectively, resulting in improving their business models and products. Finally, business dynamism should be revitalised to encourage risk taking among firms, thus facilitating digital diffusion, while ensuring an efficient allocation of capital.

  • 27-May-2021

    English

    Spain: effective implementation of recovery plan will strengthen COVID-19 recovery

    Spain’s economy is on the road to recovery, but the shock from COVID-19 has underlined the urgency of addressing long-standing structural challenges. While support continues to flow to the hardest-hit firms and households, investment and reforms should focus on driving productivity growth and the creation of high-quality jobs, according to a new OECD report.

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  • 17-November-2020

    English

    The impact of COVID-19 on SME financing - A special edition of the OECD Financing SMEs and Entrepreneurs Scoreboard

    The COVID-19 crisis has had a profound impact on SME access to finance. In particular, the sudden drop in revenues created acute liquidity shortages, threatening the survival of many viable businesses. The report documents an increase in demand for bank lending in the first half of 2020, and a steady supply of credit thanks to government interventions. On the other hand, other sources of finance declined, in particular early-stage equity. This paper, a special edition of Financing SMEs and Entrepreneurs, focuses on the impacts of COVID-19 on SME access to finance, along with government policy responses. It reveals that the pre-crisis financing environment was broadly favourable for SMEs and entrepreneurs, who benefited from low interest rates, loose credit standards and an increasingly diverse offer of financing instruments. It documents the unprecedented scope and scale of the policy responses undertaken by governments world-wide, and details their key characteristics, and outlines the principal issues and policy challenges for the next phases of the pandemic, such as the over-indebtedness of SMEs and the need to continue to foster a diverse range of financing instruments for SMEs.

  • 14-April-2020

    English

    Synthesising good practices in fiscal federalism - Key recommendations from 15 years of country surveys

    The design of intergovernmental fiscal relations can help to ensure that tax and spending powers are assigned in a way to promote sustainable and inclusive economic growth. Decentralisation can enable sub-central governments to provide better public services for households and firms, while it can also make intergovernmental frameworks more complex, harming equity. The challenges of fiscal federalism are multi-faceted and involve difficult trade-offs. This synthesis paper consolidates much of the OECD’s work on fiscal federalism over the past 15 years, with a particular focus on OECD Economic Surveys. The paper identifies a range of good practices on the design of country policies and institutions related strengthening fiscal capacity delineating responsibilities across evels of government and improving intergovernmental co-ordination.

  • 23-November-2018

    English

    Foro Nueva Economía

    This is a very good time to be talking about these matters. As you know, yesterday, together with Minister Calviño, we launched our 2018 Economic Survey of Spain, which fundamentally highlights the strength of the Spanish economy and urges you to continue with your reform drive towards a model of inclusive growth that leaves no one behind.

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  • 22-November-2018

    English

    Continue reforms to make growth work for all in Spain

    Spain has made a successful economic recovery, underpinned by strong employment growth, gains in competitiveness and favourable external and financial conditions. The current economic expansion offers an opportunity to speed up efforts to increase the resilience of public finances, enhance job creation and ensure a more sustainable and inclusive economy that benefits all Spaniards, according to a new report from the OECD.

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  • 22-November-2018

    English

    Launch of the 2018 OECD Economic Survey of Spain

    The recovery of the Spanish economy has been more dynamic than most euro area economies, with a robust 3% GDP growth in the past three years. Although it is still extremely high, unemployment has fallen to 14.5% from its peak of 26% in 2013, and in the past year alone 478 000 jobs have been created.

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  • 22-November-2018

    English

    Economic Survey of Spain 2018

    The Spanish economy continues its strong and balanced growth. Strong employment gains have reduced unemployment and provided support to households. A wide range of structural reforms (discussed in detail in the 2017 Economic Survey of Spain) has contributed to the recovery.

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