The Valencian Community has recovered its pre-crisis GDP level, but GDP remains 11.6% below the national average
The financial crisis that hit Spain in 2008 has left a deep impact on employment, which is currently 6.5% lower than in 2008. As for GDP, it has taken nearly a decade for the economy to reach pre-crisis levels, with per capita GDP now 2.6% higher than in 2008. The intensity of the crisis and the subsequent recovery has varied across regions. Three regions regained their pre-crisis per capita GDP level in 2016, five in 2017 and four in 2018, but five have still not recovered. The Valencian Community has had to wait until 2018 to recover its per capita GDP level of 2008, but this is still 11.6% lower than the national average. The impact of the crisis on employment has been particularly acute in the Valencian Community, with 10.1% fewer people employed in 2018 than in 2008, whereas for Spain the comparable figure is 6.5%. Therefore, the challenge for the future is to narrow the GDP gap between the Valencian Community and Spain, which has grown by 1.8 points since 2008.