Spanish miracle facts for kids
The Spanish Miracle (Spanish: el milagro español) was a time of super-fast growth and development in Spain. This happened in many parts of the country's economy from 1959 to 1974. During this period, Spain's GDP (which is like a report card for how much a country produces) grew by 6.5% each year on average. This amazing growth was part of an even longer period of strong economic progress that lasted from 1951 to 2007.
The "miracle" ended when the world faced big problems in the 1970s. These included a major oil crisis and a time called stagflation, where prices went up but the economy didn't grow. Some experts also say that problems built up during the fast growth years caused the economy to slow down later.
How the Boom Started
The "economic miracle" began because of new ideas and changes. These changes were put in place by a group of smart people called technocrats. They got approval from Francisco Franco, who was the leader of Spain at the time. These technocrats were new kinds of politicians. They replaced older leaders and brought fresh ideas to help Spain's economy.
Growing Industries
The fast growth made old industrial areas strong again. For example, the Basque Country and Ferrol in the north became busy with iron, steel, and shipbuilding. Areas around Barcelona grew with machinery, textiles, cars, and chemicals.
The boom also led to a huge increase in oil refining, chemicals, and engineering. To help this quick development, the government invested a lot of money. They used big state-owned companies like the national industrial group Instituto Nacional de Industria. Other important companies were the car maker SEAT in Barcelona, the large steel plant Ensidesa in Avilés, and the shipbuilder Empresa Nacional Bazán.
These companies helped Spain become more industrial. They brought back wealth to places like Barcelona and Bilbao. They also created new industrial areas, especially around Madrid. Even though the economy became more open during this time, many key businesses stayed under government control.
The Car Industry Boom
The automotive industry was like a powerful "locomotive" (locomotoras) for the Spanish Miracle. From 1958 to 1972, it grew incredibly fast, by 21.7% each year. In 1946, there were only 72,000 private cars in Spain. But by 1966, there were over 1 million cars! This kind of growth was unmatched anywhere else in the world.
The most famous symbol of this growth was the SEAT 600 car. This car was made by the Spanish state company SEAT. More than 794,000 of these cars were built between 1957 and 1973. At the start of this period, it was often the first car for many working-class families in Spain. By the end, it became a second car for many more families.
See also
In Spanish: Milagro económico español para niños
- Economic history of Spain
- Economic miracle
- Instituto Nacional de Industria
- Pegaso
- SEAT
- Spain under Franco
