<P> Spain joined the Eurozone in 1999 . Interest rates dropped and the property boom accelerated . By 2006 property prices had doubled from a decade earlier . During this time construction of apartments and houses increased at a record rate and immigration into Spain increased into the hundreds of thousands a year as Spain created more new jobs than the rest of Eurozone combined . Along with the property boom, there was a rapid expansion of service industry jobs . </P> <P> Due to its own economic development and the EU enlargements up to 27 members (2007), Spain as a whole exceeded (105%) the average of the EU GDP in 2006 placing it ahead of Italy (103% for 2006). As for the extremes within Spain, three regions in 2005 were included in the leading EU group exceeding 125% of the GDP average level (Madrid, Navarre and the Basque Autonomous Community) and one was at the 85% level (Extremadura). These same regions were on the brink of full employment by then . </P> <P> According to the growth rates post 2006, noticeable progress from these figures happened until early 2008, when the Spanish economy was heavily affected by the puncturing of its property bubble by the global financial crisis . </P> <P> In this regard, according to Eurostat's estimates for 2007 GDP per capita for the EU - 27 . Spain happened to stay by that time at 107% of the level, well above Italy who was still above the average (101%), and catching up with countries like France (111%). </P>

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