Abstract
In the last three decades, Spain has been transformed from a rural, backward, agricultural country into a nation with a diversified economy with strong manufacturing and service sectors. Between 1961 and 1973, the Spanish economy grew at 7% a year and in 1963 the per capita income of the Spanish economy reached $500 a year. Thus, Spain became a developed nation as defined by the United Nations and not yet a developing country. After its entry in the European Union in 1986, Spain was once again recognized as one of the world's fastest growing economies, with an annual growth averaging 4.1% between 1986 and 1991. The average growth of the European Union was then 3%. Today, the Spanish economy is the fifth largest in Europe. Though we cannot deny that the Spanish growth is not as rapid as before, an we conclude that it is over?
