![Spanish Economy Secretary Jose Manuel Campa speaks during an interview with Reuters at Madrid's Economy Ministry February 17, 2010. Campa said that the much-maligned construction sector would rebound, although to levels below Spanish Economy Secretary Jose Manuel Campa speaks during an interview with Reuters at Madrid's Economy Ministry February 17, 2010. Campa said that the much-maligned construction sector would rebound, although to levels below](https://c8.alamy.com/comp/2D2CBKT/spanish-economy-secretary-jose-manuel-campa-speaks-during-an-interview-with-reuters-at-madrids-economy-ministry-february-17-2010-campa-said-that-the-much-maligned-construction-sector-would-rebound-although-to-levels-below-those-of-boom-time-adding-to-growth-in-other-sectors-to-close-the-output-gap-of-an-economy-which-contracted-by-36-percent-last-year-picture-taken-february-17-2010-to-match-interview-spain-economy-reutersjuan-medina-spain-tags-business-politics-2D2CBKT.jpg)
Spanish Economy Secretary Jose Manuel Campa speaks during an interview with Reuters at Madrid's Economy Ministry February 17, 2010. Campa said that the much-maligned construction sector would rebound, although to levels below
![Holger Zschaepitz on Twitter: "Why one monetary size fits not all: While Germany operates above trend, output gap remains huge in Spain,Italy (BBG) https://t.co/A5cDWGae4c" / Twitter Holger Zschaepitz on Twitter: "Why one monetary size fits not all: While Germany operates above trend, output gap remains huge in Spain,Italy (BBG) https://t.co/A5cDWGae4c" / Twitter](https://pbs.twimg.com/media/Cf5zxGPW4AAgeaj.jpg)
Holger Zschaepitz on Twitter: "Why one monetary size fits not all: While Germany operates above trend, output gap remains huge in Spain,Italy (BBG) https://t.co/A5cDWGae4c" / Twitter
![Spain is navigating through stormy economic waters, but the time for further structural reform has come. | EUROPP Spain is navigating through stormy economic waters, but the time for further structural reform has come. | EUROPP](https://blogs.lse.ac.uk/europpblog/files/2012/08/Muniz-Fig-4.jpg)
Spain is navigating through stormy economic waters, but the time for further structural reform has come. | EUROPP
![Robin Brooks on Twitter: "@Brad_Setser Spain is another example of potential GDP bending down to,validate the slow recovery. That yields an output gap that is small, but this estimate doesn't capture economic Robin Brooks on Twitter: "@Brad_Setser Spain is another example of potential GDP bending down to,validate the slow recovery. That yields an output gap that is small, but this estimate doesn't capture economic](https://pbs.twimg.com/media/DsGAid2WwAAFc9R.jpg)
Robin Brooks on Twitter: "@Brad_Setser Spain is another example of potential GDP bending down to,validate the slow recovery. That yields an output gap that is small, but this estimate doesn't capture economic
![Robin Brooks on Twitter: "Campaign against Nonsense Output Gaps (CANOO): if you average IMF (orange), European Commission (red) & OECD (blue) estimates for potential GDP from 2019, you get output gaps for Robin Brooks on Twitter: "Campaign against Nonsense Output Gaps (CANOO): if you average IMF (orange), European Commission (red) & OECD (blue) estimates for potential GDP from 2019, you get output gaps for](https://pbs.twimg.com/media/EfNCJcyWAAA6h3H.png)
Robin Brooks on Twitter: "Campaign against Nonsense Output Gaps (CANOO): if you average IMF (orange), European Commission (red) & OECD (blue) estimates for potential GDP from 2019, you get output gaps for
![Philipp Heimberger on Twitter: "It doesn't make sense! The European Commission forecasts that the output gap in Italy (GDP < potential) next year will be 1.4%, and in Spain zero. No underutilisation Philipp Heimberger on Twitter: "It doesn't make sense! The European Commission forecasts that the output gap in Italy (GDP < potential) next year will be 1.4%, and in Spain zero. No underutilisation](https://pbs.twimg.com/media/E1kWJv6WUAE-fWR.jpg:large)
Philipp Heimberger on Twitter: "It doesn't make sense! The European Commission forecasts that the output gap in Italy (GDP < potential) next year will be 1.4%, and in Spain zero. No underutilisation
![An anatomy of the Spanish current account adjustment: the role of permanent and transitory factors | SpringerLink An anatomy of the Spanish current account adjustment: the role of permanent and transitory factors | SpringerLink](https://media.springernature.com/lw685/springer-static/image/art%3A10.1007%2Fs13209-020-00220-6/MediaObjects/13209_2020_220_Fig2_HTML.png)
An anatomy of the Spanish current account adjustment: the role of permanent and transitory factors | SpringerLink
![Output gap nonsense': Understanding the budget conflict between the EC and Italy's government (news article) Output gap nonsense': Understanding the budget conflict between the EC and Italy's government (news article)](https://wiiw.ac.at/files/news/images/386-1478.jpg)