The assumptions in the macroeconomic synopsis by the Government are as follows. It is assumed that the world's economy, and particularly that of the European Union, will gradually recover since the end of 1992, provided that there are no significant external disruptions. The Spanish economy will grow at roughly its potential, with a 1 percentage point edge over the European Community average, the objective being stable, non-inflationary, job-creating growth. It is assumed too that wage costs will rise moderately and that the Spanish economy will become more competitive as the investment process takes off again and stable capital inflows are generated in the long term.

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                       1991     1992     1993     1994     1995     1996
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GDP growth rate........2.4      3.0      3.3      3.6      3.6      3.5

Private consumption 
deflator...............6.3      5.8      4.6      3.7      3.2      3.0

External deficit as a
percentage of GDP.....-2.9     -2.9     -2.8     -2.5     -2.4     -2.3

Unemployment rate as a
percentage of active
population............16.3     16.3     15.8     15.1     14.3     13.5

Public debt as a 
percentage of GDP.....-4.4     -4.0     -3.5     -2.7     -1.8     -1.0

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