Following a severe recessionary phase, the Spanish economy has grown above the European average over the last three years, leveraged by robust employment growth and competitiveness gains, and supported by a more solid and solvent financial sector that is once again in a position to contribute to economic growth, allowing GDP to approach pre-crisis levels.
The internationalization of Spanish goods and services companies provides a solid foundation for growth.
However, Spain still needs to address several essential adjustments to increase its growth potential.
The evolution of the balance sheet in 2016 reflects an economic scenario that remains unfavorable for financial intermediation, with moderate variations in its main items, allowing for an improved liquidity position and a focus on balance sheet cleaning, capital reinforcement, and the consolidation of solvency.
José María Roldán, Chairman of the Spanish Banking Association
