Spanish Economics - Year Review

At the beginning of the year, Spain was two separate kingdoms: Castille and Aragon. Therefore, there was no real economic unity in Spain, as the two kingdoms rivaled each other for economic superiority. However, when Ferdinand and Isabel married, thereby uniting the two kingdoms, Spain entered into a new era of economic prosperity. As Spain gained more land in the New World, the country became more affluent, due to the new influx of gold and other riches and commodities.
The economic supremecy of Spain ended shortly after the defeat of the Spanish Armada by Queen Elizabeth of England. They no longer ruled the seas, and soon began losing their colonies overseas. Spain began to lag behind the rest of Europe, and America, for that matter, technologically, and the country became poorer. This economic trait characterized Spain for years.
Spain's economy became Socialist in nature when the Spanish Socialist Workers Party gained control of the government in 1982. Since then it has joined the European Union and the economy has flourished. It is currently one of the 5 best economies in Europe. It adopted the euro in 2002.