Cost of Living
GoinGlobal’s career experts regularly update details about inflation, purchasing power, and costs of goods and services. Below is a brief excerpt from this section:
During the past few years the Spanish economy experienced a new phase of solid growth – causing the country’s GDP to increase at one of the highest annual rates in the EU. Due to the COVID-19 (coronavirus) public health crisis, the national economy is experiencing a severe contraction and experts foresee that the country’s GDP will shrink by over 11% by the end of the year.
The country has been one of the EU countries most affected by the COVID-19 pandemic and the government imposed a very strict lockdown for several consecutive weeks. The nation is highly dependent on tourism, hospitality and the travel industry. As these economic engines contract, the country’s economy is expected to suffer one of the worst recessions in the OECD (Organisation for Economic Co-operation and Development). If there are new waves of outbreaks, analysts expect that the national GDP could contract by over 14.5%.
The country’s cost of living has fluctuated considerably in recent months, and some basic prices have increased since the beginning of the pandemic. Food costs and home goods are the items registering the highest price growth in the latest months, followed by personal care products and entertainment. On the other hand, fuel costs have decreased drastically during the outbreak and most of the urban real estate markets have also started registering significant price reductions.
This is just a brief sample of the extensive information in the GoinGlobal Spain Career Guide.