Since 2008, several changes have occurred in the demographic and labour market situation in Spain, clearly in response to the country's economic situation. In 2009, the Spanish economy suffered an economic shock caused by the national and international economic crisis. Sound stimulus packages followed, which later shifted to fiscal consolidation. Several labour market reforms were also passed that helped moderate wages and price growth in Spain compared to the Euro area, resulting in internal devaluation. This improved Spain's competitive advantage via the reduction of unit labour costs, thereby supporting medium to long-term recovery through the consequent growth of net exports. Since 2014, the economy and the labour market have recovered, based, among other factors, on lower salaries. During this period, unemployment rose from 8.2 % in 2007 to a maximum of 26 % in 2013, falling thereafter to 19.6 % in 2016 (last figure of the 3rd quarter of 2017 is 16.8 %). During the economic crisis, unemployment has mainly grown among the young who have faced higher unemployment rates than average. Average unemployment was 11.3 % in 2008, 26 % in 2013 and 19.6 % in 2016, while unemployment for 20-24 year-olds has been at 20.2 %, 51.8 % and 41.4 %, and for those aged 25-29 at 13.3 %, 33.3 % and 25.6 % (LFS, INE). Education has largely protected skilled workers (ISCED 5-8) from unemployment, but their unemployment rate also rose from 6.3 % in 2008 to 16 % in 013; in 2016, their unemployment rate was 11.7 % (which compares to the average national unemployment rate of 19.6 %). Migration and the impact of an ageing population underpinned the demographic changes between 2008 and 2017. Total population has grown by 0.8 million from 45.7 to 46.5 million. This growth has concentrated mainly on the population over 65 (+1.3 million) and on the population under 18 (+0.3 million). In contrast, population aged 18-64 has fallen by 0.8 million. Demographic projections in the near future point to a stagnation of the total population and an ageing population. Between 2017 and 2030, total population is expected to decrease from 46.5 million to 44.43 million. The share of the population aged 0-18 is expected to decrease from 18.7 % in 2017, to 17.3 % in 2025 and to 15.8 % in 2030; the share of the population aged 18-64 is also expected to decrease from 62.5 % in 2017 to 60.8 % in 2025 and to 59.5 % in 2030. In contrast, the share of the population over 65 is expected to grow from 18.8 % in 2017 to 21.9 % in 2025 and to 24.7 % in 2030. Between 2017 and 2030, a reduction of 1.6 million people of working age (18-64) is expected.
