In this connection, competition and the contained growth of relative prices are also needed for sectors that are not externally open, given that the sectors that produce tradable goods incorporate a high proportion of non-tradable goods and services. To differing degrees, the factors mentioned are contributing to a situation where Spanish exports tend to be skewed towards goods of medium and medium-high technological intensity, with a low share of high-technological-content products, below 10% of the total. As a result, the sensitivity of exports to price-based competition is high. 5/6  Further, redressing public finances should also contribute to a firm and sustained path of external surpluses. The sectoral breakdown of the net IIP shows how the reduction in our economy’s debtor position has been concentrated in the private sector. Meantime, since the start of the crisis, general government external debt has increased notably, by 26 pp of GDP since 2009, to slightly over 50% of GDP. Admittedly, from its peak of 11% of GDP in 2009, the budget deficit has fallen substantially, to around 2.5% of GDP. However, the structural deficit remains high and public debt has only fallen modestly from its peak, standing currently at 98% of GDP. Conclusion In conclusion, I would stress that in order to give continuity to the current growth phase, reduce external vulnerability and strengthen the Spanish economy’s potential, two vitally important courses of action should be followed.
Averages for the periods 1970-1989 and 1995-2003  10  10  9  9  8  8 7  7 1970-1989 1995-2003  6  6  5  5  4  4  3  3  2  2  1  1 0  0 Inflation  GDP growth  Productivity change, Nominal wage rises, whole economy whole economy  Real wage rises, whole economy  Open unemployment  Source: Statistics Sweden  6  BIS Review 65/2004  3. Open unemployment i different counties Share of the labour force i each county respectively 8  8  7  7  2002  6  6  2003  Norrbottens  Gävleborgs  Skåne  Örebro  Dalarnas  Västmanlands  Värmlands  Södermanlands  Blekinge  0  Västernorrlands  0  Gotlands  1 Östergötlands  1 Kalmar  2  Västra Götalands  2  Hallands  3  Stockholms  3  Västerbottens  4  Uppsala  4  Kronobergs  5  Jönköpings  5  Source: Statistics Sweden  4.