World map showing percent of population living below their national poverty line
10-20% of Spain's population lives below national poverty level
Spain's mixed capitalist economy is the 12th largest in the world
Spain's main industries include: metals, chemicals, ship building, automobiles, machine tools, tourism, textiles, apparel, and food and beverages
Spain entered into a recession in the second quarter of 2008 and according to Spain’s Finance Minister, “Spain faces its deepest recession in half a century."
The Spanish economy entered recession as the global financial crisis accelerated a collapse of its once-booming property sector
Spanish banks' high exposure to the collapsed domestic construction and real estate market also poses a continued risk
Unemployment, a direct cause of poverty, is a major issue in Spain today.
Currently, with the recession, Spain is suffering Europe's biggest unemployment crisis.
Spain has more than twice the amount of poverty than the rest of the European Union.
The bursting of the property bubble plunged the Spanish economy, Europe's fifth-largest, into its worst recession in decades in 2008 and sent the unemployment rate soaring to more than 20 percent, the highest in the Eurozone.
By July 2009, it had shed 1.2 million jobs in one year and had the same number of jobless as France and Italy combined. Spain's unemployment rate hit 17.4% at the end of March, with the jobless total having doubled over the previous year; with the over-sized building and housing related industries contributing greatly to the rising unemployment numbers.In this same month, Spain for the first time in its history had over 4,000,000 people unemployed.
The President of Spain, Zapatero, claimed that youth poverty is and will be the biggest problem for Spain in some time.