Andalucia lagging behind due to reliance on EU funds, claims new study

Andalucia lagging behind due to reliance on EU funds, claims new study

LAST UPDATED: 25 May, 2017 @ 1:04 pm
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ANDALUCIA lags behind the rest of the country financially due to its reliance on European funds, a study has found.

A Quality of Life survey found the per capita GDP was €4,700 below the average rate in Spain.

The southern region’s struggle is believed to be linked to problems in Europe after the crisis in 2009.

According to Eurostat, in 1995 the per capita Andalucian GDP was 68% of the European average, and by 2008 had grown to 80%.

However, the crisis saw this growth plummet as the poorer regions lost investment, reducing by €7 billion in 2007. It was a bigger loss than that seen in Madrid, Catalunya, the Basque Country and Valencia put together.

Gaspar Llanes, Secretary General of the Economy, suggested the region had relied too much on “convergence” with Europe.
He said: “Everything that was gained from convergence was lost in the crisis.

“If Europe is going well, Spain is better, when Europe goes bad, Spain is worse.”

The study suggests in terms of time Andalucia lost nine years in GDP, 16 in investment, 11 in employment and 9 in business.

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