THE productivity of the Spanish economy fell by 4.5 per cent from 1995 to 2017 while that of the eurozone rose by 1.4 per cent, according to a new study.
The BBVA Foundation and Valencian Institute of Economic Research’s (IVIE) study found declines happened both through pre-recession years of growth and during the crisis from 2008 onwards.
Spanish productivity only began to pick up in 2014 during the post-recession recovery. It grew by 2.7 per cent from 2014 to 2017, the study showed.
The report said: “The low results achieved by the Spanish economy in terms of productivity affects its ability to converge to the per capita income levels of the most developed countries.”
The report called for more investment in research and development and education.