Research (ČP INVEST)
Macroeconomics  |  November 06, 2012 14:40:05

Spain's losing weight, but it is necessary to deploy radical "diet"


Number of officials in Spain decreases. Pace, but should be more pronounced if the country wants to run a gravedigger's shovel.

The amount of attached graph shows the evolution of the public sector in Spain since 2001. The graph shows that the peak occurred in mid-2011 when the number 3.22 million people, and since then the slow downsizing of government. In September 2012, was released nearly 50,000 officers, but the number of employees in the public sector was still staggering 2.99 million people. Although this is the first time in four years, when state officials is less than three million, but the government is still employed about 60,000 people more than at the start of the financial crisis in the third quarter of 2007.So if you want Spain to solve their debt situation, will have to be far more extensive and radical downsizing of the state apparatus, not only to increase taxes, as we have so far witnessed.

The number of civil servants in Spain

Author: Michal Valentík, chief investment strategist at CP INVEST

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Španělský úřad hubne, je ale třeba nasadit radikálnější „dietu“

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