Kryzys w Hiszpanii w latach 2008-2013

The purpose of this article is to analyze the crisis of the Spanish economy in 2008- -2013. Theoretical and empirical nature of this article determined the choice of research methods. The theoretical part includes an analysis of Spanish-language literature devoted to the crisis problem. On the other hand, the empirical part of the article is based on statistical surveys. Statistical data used in the article were taken from the following databases: Annual Macro-Economic Database of the European Commission’s (AMECO), Instituto Nacional de Estadística (INE), the Banco de España, Bolsa de Madrid. The analyzes proved that the crisis of the Spanish economy in the period 2008-2013 was the result of accumulated macroeconomic imbalances. The external imbalance was a result of current account deficit. The internal imbalance was caused by the excessive levels of private sector debt. In addition, the causes of the Spanish crisis arose from the nature of the economic growth, which in the period 1995- -2007 was extensive and was based on the dynamic development of construction sector. The cause of the Spanish crisis laid also in too high supply of mortgage loans, which stimulated domestic demand. The analysis proved that the Spanish economy has regained external balance through an increase in international competitiveness. On the other hand, the internal balance was recovered by reducing the net debt of the private sector.