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→Economy
==Economy==
==Economy==
[[File:El Escorial Spain.jpg|thumb|left|320px|El Escorial, an important touristic site.]]
Spain's accession to the European Community--now European Union (EU)--in January 1986 required the country to open its economy to trade and investment, modernize its industrial base, improve infrastructure, and revise economic legislation to conform to EU guidelines. In doing so, Spain increased gross domestic product (GDP) growth, reduced the public debt to GDP ratio, reduced unemployment from 23% in 1986 to 8.47% in first quarter 2007, and reduced [[inflation]] to under 3%. The fundamental challenges remaining for Spain include decreasing unemployment further, reforming labor laws lowering inflation, and raising per capita GDP.
Spain's accession to the European Community--now European Union (EU)--in January 1986 required the country to open its economy to trade and investment, modernize its industrial base, improve infrastructure, and revise economic legislation to conform to EU guidelines. In doing so, Spain increased gross domestic product (GDP) growth, reduced the public debt to GDP ratio, reduced unemployment from 23% in 1986 to 8.47% in first quarter 2007, and reduced [[inflation]] to under 3%. The fundamental challenges remaining for Spain include decreasing unemployment further, reforming labor laws lowering inflation, and raising per capita GDP.