Spain’s macroeconomic performance has remained remarkable: the country has experienced a 13th consecutive year of strong growth. This economic vitality has had the effect of narrowing the gap in per capita GDP with the euro area average from 20% to under 12% over the past decade and has also contributed to improved fiscal outturns. It has continued to be underpinned by buoyant domestic demand and spectacular employment growth based on substantial immigration, increased female labour force participation and a marked drop in unemployment.