Spain has the 13th largest economy in the world in terms of nominal GDP. It is the fifth largest economy in the European Union, making it very important in the global economy. The Spanish economy began to slow in late 2007 and officially entered recession in 2008. GDP contracted by 3.7% in 2009, ending a 16-year growth trend, and contracted by 0.3%. in 2010, but GDP grew by 0.4% in 2011, before contracting again by 1.4% in 2012. The economy fell into recession again as private sector deleveraging, consolidation budget and the skyrocketing unemployment rate (from 8% in 2007 to 26% in 2012) have had harmful consequences on domestic demand. and investment. Despite the recent weakness of the Spanish economy, Spain's international trade situation has improved. In May 2013, Spain recorded a trade surplus of 2.19 billion (euros), reducing its trade deficit. The economic slowdown has also hurt Spain's public finances. The state budget deficit peaked at 11.2 percent of GDP in 2010 and the process of reducing the deficit has been slow despite the central government's efforts to raise new tax revenues and reduce spending. Spain reduced its budget deficit to 9.4% of GDP in 2011 and around 7.4% in 2012, which was above the 6.3% target agreed between Spain and the EU. The government is also taking steps to support the banking system, using $130 billion in EU funds to recapitalize ailing banks exposed to the collapse of the nation's construction and real estate sectors. The current GDP, estimated in 2012, is $1,434 billion, placing Spain 13th in GDP. in the world. However, this was 1.4% lower than last year's GDP. This could be because people have lost confidence in their government and their economy. This fear prevents people from investing and putting paper back into the economy. With the economy on its heels, people are turning to the black market to purchase needed goods. According to the Spanish Foundation for Financial Studies, the Spanish black market represents an unseemly 20% of the country's GDP. The money spent on these items does not return to the government. This brings in a lot of foreign money, which benefits the economy but not the government. The outlook for the Spanish economy is positive, it will take time for the economy to get back on its feet. If it were up to me, I would start with healthcare in Spain and then move on to education. If we can improve these two areas, we can gradually move towards the unemployment rate. Spain has strong trade relations with other countries, which will make it easier to improve things. If these measures are taken, Spain will be able to overcome the economic slowdown.