Las fuentes del crecimiento en España y las principales economías europeas: productividad total de los factores y heterogeneidad sectorial

Series: Occasional Papers. 2614.

Author: Rubén Veiga-Duarte, Eduardo Gutiérrez, Alberto Marcos-Fernández, Enrique Moral-Benito and Javier Quintana

Productivity

• Spain
• European Union
• Economic growth and convergence

Full document

Las fuentes del crecimiento en España y las principales economías europeas: productividad total de los factores y heterogeneidad sectorial (18 MB)

Abstract

Rationale

This document analyses the drivers of economic growth in Spain since the beginning of the century and compares them with those observed in the four largest euro area economies (Germany, France, Italy and the Netherlands). It quantifies the contribution of total factor productivity (TFP), productive factors and demographics using a growth-accounting framework and a new sectoral TFP database.

Takeaways

• Between 2000 and 2025, Spain recorded higher GDP growth than the main euro area economies (Germany, France, Italy and the Netherlands), driven primarily by stronger demographic growth.
• Since 2013, Spain has achieved faster growth in GDP per capita than the main euro area economies, with the support of the recovery in employment and the sustained rebound in total factor productivity (TFP), which has grown persistently faster than in this group of countries.
• The recovery in TFP has been broad-based across sectors, with a particularly strong performance in digital activities and professional services.