Spain: rising from the recession
As Spain’s economy starts to recover from the recession, domestic cement demand finally appears to be picking up after six consecutive years of contraction since 2008. So deep was the downturn that demand remains at historically low levels, but the long-awaited upturn witnessed in 2014 should mark the start of a gradual rebound in volumes.
Spain’s economy expanded 1.4 per cent in 2014, according to the IMF. GDP in the eurozone’s fourth-largest economy was helped by a rise in private consumption, higher business investment and a recovery in the construction sector. It was the first full-year upturn since the country’s decade-long property bubble burst in 2008, throwing millions into unemployment and forcing the government to bail out the financial system as well as instate austerity measures.