Spain's mixed capitalist economy is the 12th largest in the world, and its per capita income roughly matches that of Germany and France. However, after almost 15 years of above average GDP growth, the Spanish economy began to slow in late 2007 and entered into a recession in the second quarter of 2008. Spain's unemployment rate rose from a low of about 8% in 2007 to more than 19% in December 2009 and continues to rise. Its fiscal deficit worsened from 3.8% of GDP
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