Money and Banking Term Paper
according to Eurostat, nominal GDP was growing at 6.5 percent per year, while mortgages were growing at 32 percent almost five times more than nominal GDP, when past experience shows that they should grow, at the most, the double. Also, the construction sector was booming, reaching 16 percent of GDP and generating close to 20 percent of the total employment in the economy. All of these need money, so Spain contracted numbers of euro loan, which was a hidden trouble happened later (see figure 2).
Words: 1634 - Pages: 7