The country's external debt per capita is $47,069.

It's national debt is 118% of GDP.

The Spanish economy began to slow in late 2007 and entered into a recession in the second quarter of 2008. GDP contracted by 3.7% in 2009, ending a 16-year growth trend, and by another 0.2% in 2010, making Spain the last major economy to emerge from the global recession.

The government budget deficit worsened from 3.8% of GDP in 2008 to about 9.7% of GDP in 2010, more than three times the euro-zone limit.

Spain has a high level of household indebtedness and the highest rate of unemployment in the EU. Whilst these factors pose some risk to Spain"s longer term ability to reduce its debt, the risk is considerably less than is the case for Greece, Portugal or Ireland.