Interactive chart of historical data for real (inflation-adjusted) silver prices per ounce back to 1915. The series is deflated using the headline Consumer Price Index (CPI) with the most recent month as the base. The current month is updated on an hourly basis with today's latest value.

Silver fell to 35.86 USD/t.oz on July 1, 2025, down 0.67% from the previous day. Over the past month, Silver's price has risen 3.16%, and is up 21.22% compared to the same time last year, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Silver - values, historical data, forecasts and news - updated on July of 2025.

According to Cognitive Market Research, the global silver bullion market size is USD XX million in 2024 and will expand at a compound annual growth rate (CAGR) of 4.00% from 2024 to 2031.

North America held the major market of more than 40% of the global revenue with a market size of USD XX million in 2024 and will grow at a compound annual growth rate (CAGR) of 2.2% from 2024 to 2031.
Europe accounted for a share of over 30% of the global market size of USD XX million.
Asia Pacific held the market of around 23% of the global revenue with a market size of USD XX million in 2024 and will grow at a compound annual growth rate (CAGR) of 6.0% from 2024 to 2031.
Latin America market of more than 5% of the global revenue with a market size of USD XX million in 2024 and will grow at a compound annual growth rate (CAGR) of 3.4% from 2024 to 2031.
Middle East and Africa held the major market of around 2% of the global revenue with a market size of USD XX million in 2024 and will grow at a compound annual growth rate (CAGR) of 3.7% from 2024 to 2031.
The US had the most significant global silver bullion market revenue share in 2024.

Market Dynamics of Silver Bullion Market

Key Drivers of Silver Bullion Market

Increasing Demand for Safe Haven Investments

The increasing wish for safe haven investments is driving the market for silver bullion to continue growing. Investors look for assets that deliver stability and wealth preservation throughout difficult economic, geopolitical, and market situations. Due to its inherent worth and historical importance as a wealth vault, silver is drawing more and more attention from investors trying to diversify their holdings and protect themselves from inflation and currency depreciation. The COVID-19 pandemic's aftereffects, trade disputes, and geopolitical tensions have all contributed to the current state of the global economy, which has raised investor anxieties and increased demand for silver bullion. Concerns about possible inflationary pressures are developing as governments execute large stimulus programs and central banks adopt loose monetary policies; this is pushing investors into physical assets like silver.

Increasing Industrial Applications Will Promote Market Expansion

The market for silver bullion is also expected to rise significantly due to the growing number of industrial uses. Due to its special qualities, which include its high conductivity, malleability, and resistance to corrosion, silver is used in a wide range of industries, including electronics, healthcare, automotive, and renewable energy. The industrial demand for silver is anticipated to grow in the upcoming years due to technological developments and advancements boosting demand in developing applications including solar panels, electric vehicles, and 5G technology. Silver's industrial demand is further bolstered by its antibacterial characteristics, which render it increasingly desirable in therapeutic applications. The market for silver bullion is expected to increase steadily as long as industries keep innovating and creating new goods that need silver. Investors who are eager to profit from the growing industrial need for this precious metal will be drawn to this market.

Restraint Factors Of Silver Bullion Market

Volatility in Precious Metal Prices will hinder market growth.

The price volatility of precious metals can have a substantial impact on the development of the silver bullion market. The price of silver can vary due to changes in currency values, geopolitical tensions, and global economic conditions. Investors get indeterminate as a result of these swings, which could make them unwilling to buy silver bullion. Investors who bought silver at higher prices may lose money as a result of abrupt price reductions, which could affect market liquidity and confidence. Businesses that use silver as a raw resource, such as manufacturers, face difficulties due to the unpredictable nature of silver pricing. Businesses may find it challenging to correctly manage expenses and plan production schedules in the face of shifting silver prices. Price variations can disrupt the supply chain, as suppliers and buyers are driving the changing market conditions.

Market participants may use hedging techniques or look for alternate investments to lessen the impact of price volatility, which could result in money being taken out of...

Graph and download economic data for Producer Price Index by Industry: Gold Ore and Silver Ore Mining (PCU2122221222) from Dec 1984 to Aug 2018 about silver, ore, gold, mining, PPI, industry, inflation, price index, indexes, price, and USA.

In December 2022, the monthly retail price inflation of gold, silver, and jewelry in China ranged at 8.4 percent, compared to the same month of the previous year. The inflation rate for jewelry has gradually picked up since August 2021.

The publication of retail price inflation rates has been discontinued by the National Bureau of Statistics of China in the beginning of 2023.

Precious Metal Market Outlook

As of 2023, the global market size for precious metals is valued at approximately $250 billion, and it is projected to reach around $370 billion by 2032, with a compound annual growth rate (CAGR) of 4.3%. This robust growth is driven by several factors, including increasing demand from emerging markets, heightened investment interests, and technological advancements in industrial applications. Precious metals, particularly gold and silver, have long been valued as safe-haven assets, but recent trends indicate a broader scope of applications, which is further fueling market expansion.

The growth of the precious metal market is significantly influenced by the geopolitical climate and economic uncertainties. In times of political instability or economic downturns, investors often turn to precious metals as a means of preserving wealth, which in turn spikes demand. For instance, during periods of inflation or currency devaluation, gold and silver are particularly sought after as they retain intrinsic value. Moreover, central banks around the world have been bolstering their gold reserves, a move that not only stabilizes their own currencies but also adds upward pressure on gold prices, thereby contributing to market growth.

Another notable driver of the precious metal market is the growing industrial demand, especially for metals like silver and platinum. Silver, with its excellent electrical conductivity, is widely used in electronics and solar panels. Meanwhile, platinum finds extensive applications in automotive catalytic converters. As industries adopt greener technologies and renewable energy solutions, the demand for these metals is expected to rise. Additionally, advancements in medical technology and the growing use of silver in antibacterial applications are further broadening the scope of industrial demand for precious metals.

The jewelry sector continues to be a substantial contributor to the precious metal market. Gold and silver jewelry remain highly valued across various cultures, symbolizing wealth and prestige. The rise in disposable income coupled with changing fashion trends in emerging economies is driving the demand for both traditional and contemporary jewelry design, thereby bolstering market growth. Moreover, the increasing influence of online platforms has made luxury jewelry more accessible to a broader audience, further enhancing market reach.

Silver Bullion plays a pivotal role in the investment landscape, offering a tangible asset that investors can physically hold. Unlike digital investments, silver bullion provides a sense of security and ownership that is often appealing during times of economic uncertainty. The demand for silver bullion is influenced by its affordability compared to gold, making it an attractive option for both new and seasoned investors. Additionally, silver bullion is not only a store of value but also a hedge against inflation, protecting purchasing power over time. As global markets fluctuate, the stability and reliability of silver bullion continue to draw interest from a diverse range of investors seeking to diversify their portfolios.

Regionally, Asia Pacific dominates the precious metal market, driven largely by high consumption in countries such as China and India. The cultural affinity towards gold in these regions, especially during festivals and weddings, underpins the demand. Europe and North America also represent significant markets, with a strong focus on investment and industrial applications. Meanwhile, emerging markets in Latin America and the Middle East & Africa are projected to exhibit a higher growth rate due to increasing industrialization and rising disposable incomes.

Type Analysis

The precious metal market is segmented into various types, including gold, silver, platinum, palladium, and others. Gold remains the most prominent segment, accounting for a substantial portion of the market share. Its allure as a hedge against inflation and economic instability makes it a favored choice among investors. Furthermore, gold's intrinsic value and historical significance continue to make it a preferred asset for central banks and institutional investors. The jewelry sector also heavily relies on gold, with countries like India and China leading the demand, driven by cultural and traditional practices.

Silver follows gold in terms of market significance, primarily due to its dual role as both an industrial and inv

This analysis presents a rigorous exploration of financial data, incorporating a diverse range of statistical features. By providing a robust foundation, it facilitates advanced research and innovative modeling techniques within the field of finance.

Predicting Silver Prices with Machine Learning: Promising Approaches and Considerations

Financial data:

• Historical daily stock prices (open, high, low, close, volume)

• Fundamental data (e.g., market capitalization, price to earnings P/E ratio, dividend yield, earnings per share EPS, price to earnings growth, debt-to-equity ratio, price-to-book ratio, current ratio, free cash flow, projected earnings growth, return on equity, dividend payout ratio, price to sales ratio, credit rating)

• Technical indicators (e.g., moving averages, RSI, MACD, average directional index, aroon oscillator, stochastic oscillator, on-balance volume, accumulation/distribution A/D line, parabolic SAR indicator, bollinger bands indicators, fibonacci, williams percent range, commodity channel index)

Machine learning features:

• Feature engineering based on financial data and technical indicators

• Sentiment analysis data from social media and news articles

• Macroeconomic data (e.g., GDP, unemployment rate, interest rates, consumer spending, building permits, consumer confidence, inflation, producer price index, money supply, home sales, retail sales, bond yields)

Potential Applications:

• Stock price prediction

• Portfolio optimization

• Algorithmic trading

• Market sentiment analysis

• Risk management

Use Cases:

• Researchers investigating the effectiveness of machine learning in stock market prediction

• Analysts developing quantitative trading Buy/Sell strategies

• Individuals interested in building their own stock market prediction models

• Students learning about machine learning and financial applications

Additional Notes:

• The dataset may include different levels of granularity (e.g., daily, hourly)

• Data cleaning and preprocessing are essential before model training

• Regular updates are recommended to maintain the accuracy and relevance of the data

India Consumer Price Index (CPI): Miscellaneous: Silver data was reported at 75.200 2012=100 in Oct 2018. This records an increase from the previous number of 74.500 2012=100 for Sep 2018. India Consumer Price Index (CPI): Miscellaneous: Silver data is updated monthly, averaging 76.300 2012=100 from Jan 2014 (Median) to Oct 2018, with 58 observations. The data reached an all-time high of 85.400 2012=100 in Mar 2014 and a record low of 65.900 2012=100 in Jan 2016. India Consumer Price Index (CPI): Miscellaneous: Silver data remains active status in CEIC and is reported by Central Statistics Office. The data is categorized under India Premium Database’s Inflation – Table IN.IA017: Consumer Price Index: 2012=100: Miscellaneous.

Interactive chart of historical data for real (inflation-adjusted) gold prices per ounce back to 1915. The series is deflated using the headline Consumer Price Index (CPI) with the most recent month as the base. The current month is updated on an hourly basis with today's latest value.

This analysis presents a rigorous exploration of financial data, incorporating a diverse range of statistical features. By providing a robust foundation, it facilitates advanced research and innovative modeling techniques within the field of finance.

Philadelphia Gold and Silver Index: The Future of Precious Metals?

Financial data:

• Historical daily stock prices (open, high, low, close, volume)

• Fundamental data (e.g., market capitalization, price to earnings P/E ratio, dividend yield, earnings per share EPS, price to earnings growth, debt-to-equity ratio, price-to-book ratio, current ratio, free cash flow, projected earnings growth, return on equity, dividend payout ratio, price to sales ratio, credit rating)

• Technical indicators (e.g., moving averages, RSI, MACD, average directional index, aroon oscillator, stochastic oscillator, on-balance volume, accumulation/distribution A/D line, parabolic SAR indicator, bollinger bands indicators, fibonacci, williams percent range, commodity channel index)

Machine learning features:

• Feature engineering based on financial data and technical indicators

• Sentiment analysis data from social media and news articles

• Macroeconomic data (e.g., GDP, unemployment rate, interest rates, consumer spending, building permits, consumer confidence, inflation, producer price index, money supply, home sales, retail sales, bond yields)

Potential Applications:

• Stock price prediction

• Portfolio optimization

• Algorithmic trading

• Market sentiment analysis

• Risk management

Use Cases:

• Researchers investigating the effectiveness of machine learning in stock market prediction

• Analysts developing quantitative trading Buy/Sell strategies

• Individuals interested in building their own stock market prediction models

• Students learning about machine learning and financial applications

Additional Notes:

• The dataset may include different levels of granularity (e.g., daily, hourly)

• Data cleaning and preprocessing are essential before model training

• Regular updates are recommended to maintain the accuracy and relevance of the data

Silver Bullion Market Outlook 2032

The global silver bullion market size was USD XX Billion in 2023 and is projected to reach USD XX Billion by 2032, expanding at a CAGR of XX% during 2024–2032. The market growth is attributed to the rising consume preference of silver for investment purpose.



The silver bullion market is experiencing an increasing trend, driven by a variety of factors. As a tangible asset with intrinsic value, silver bullion offers a hedge against inflation and currency fluctuations, which is attracting more investors. The growing industrial demand for silver, particularly in the electronics and solar energy sectors, is also contributing to the rising interest in silver bullion.

The recent volatility in the global economy has led to a surge in the demand for safe-haven assets, presenting significant opportunities for the market. With these driving factors, the market is poised for further growth, offering a wealth of opportunities for investors and stakeholders alike.

Impact of Artificial Intelligence (AI) onSilver Bullion Market

Artificial Intelligence has a positive impact on the silver bullion market by enhancing predictive analysis and decision-making processes. Advanced AI algorithms analyze vast amounts of data, including historical silver prices, global economic indicators, and market trends, to generate accurate forecasts. These insights enable investors and market players to make informed decisions, thereby optimizing their investment strategies.



AI contributes to operational efficiency by automating routine tasks, reducing human error, and improving risk management. It also fosters transparency in the market by detecting and preventing fraudulent activities through pattern recognition and anomaly detection.

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This analysis presents a rigorous exploration of financial data, incorporating a diverse range of statistical features. By providing a robust foundation, it facilitates advanced research and innovative modeling techniques within the field of finance.

Philadelphia Gold and Silver Index: Tracking Precious Metals Performance?

Financial data:

• Historical daily stock prices (open, high, low, close, volume)

• Fundamental data (e.g., market capitalization, price to earnings P/E ratio, dividend yield, earnings per share EPS, price to earnings growth, debt-to-equity ratio, price-to-book ratio, current ratio, free cash flow, projected earnings growth, return on equity, dividend payout ratio, price to sales ratio, credit rating)

• Technical indicators (e.g., moving averages, RSI, MACD, average directional index, aroon oscillator, stochastic oscillator, on-balance volume, accumulation/distribution A/D line, parabolic SAR indicator, bollinger bands indicators, fibonacci, williams percent range, commodity channel index)

Machine learning features:

• Feature engineering based on financial data and technical indicators

• Sentiment analysis data from social media and news articles

• Macroeconomic data (e.g., GDP, unemployment rate, interest rates, consumer spending, building permits, consumer confidence, inflation, producer price index, money supply, home sales, retail sales, bond yields)

Potential Applications:

• Stock price prediction

• Portfolio optimization

• Algorithmic trading

• Market sentiment analysis

• Risk management

Use Cases:

• Researchers investigating the effectiveness of machine learning in stock market prediction

• Analysts developing quantitative trading Buy/Sell strategies

• Individuals interested in building their own stock market prediction models

• Students learning about machine learning and financial applications

Additional Notes:

• The dataset may include different levels of granularity (e.g., daily, hourly)

• Data cleaning and preprocessing are essential before model training

• Regular updates are recommended to maintain the accuracy and relevance of the data

Retail Price Index: Fujian: Gold, Silver & Jewellery data was reported at 101.900 Prev Year=100 in 2022. This records an increase from the previous number of 98.200 Prev Year=100 for 2021. Retail Price Index: Fujian: Gold, Silver & Jewellery data is updated yearly, averaging 100.500 Prev Year=100 from Dec 1994 (Median) to 2022, with 29 observations. The data reached an all-time high of 119.200 Prev Year=100 in 2020 and a record low of 91.200 Prev Year=100 in 1998. Retail Price Index: Fujian: Gold, Silver & Jewellery data remains active status in CEIC and is reported by National Bureau of Statistics. The data is categorized under China Premium Database’s Inflation – Table CN.IB: Retail Price Index: Fujian.

Discover the optimistic outlook for gold and silver as market trends and economic changes suggest potential growth for these precious metals.

China Retail Price Index: Urban: Gold, Silver and Jewellery data was reported at 101.600 Prev Year=100 in 2022. This records an increase from the previous number of 99.400 Prev Year=100 for 2021. China Retail Price Index: Urban: Gold, Silver and Jewellery data is updated yearly, averaging 101.600 Prev Year=100 from Dec 1994 (Median) to 2022, with 29 observations. The data reached an all-time high of 119.200 Prev Year=100 in 2006 and a record low of 90.400 Prev Year=100 in 1998. China Retail Price Index: Urban: Gold, Silver and Jewellery data remains active status in CEIC and is reported by National Bureau of Statistics. The data is categorized under China Premium Database’s Inflation – Table CN.IB: Retail Price Index: Urban: Annual.

This analysis presents a rigorous exploration of financial data, incorporating a diverse range of statistical features. By providing a robust foundation, it facilitates advanced research and innovative modeling techniques within the field of finance.

Silver's Uncertain Future?

Financial data:

• Historical daily stock prices (open, high, low, close, volume)

• Fundamental data (e.g., market capitalization, price to earnings P/E ratio, dividend yield, earnings per share EPS, price to earnings growth, debt-to-equity ratio, price-to-book ratio, current ratio, free cash flow, projected earnings growth, return on equity, dividend payout ratio, price to sales ratio, credit rating)

• Technical indicators (e.g., moving averages, RSI, MACD, average directional index, aroon oscillator, stochastic oscillator, on-balance volume, accumulation/distribution A/D line, parabolic SAR indicator, bollinger bands indicators, fibonacci, williams percent range, commodity channel index)

Machine learning features:

• Feature engineering based on financial data and technical indicators

• Sentiment analysis data from social media and news articles

• Macroeconomic data (e.g., GDP, unemployment rate, interest rates, consumer spending, building permits, consumer confidence, inflation, producer price index, money supply, home sales, retail sales, bond yields)

Potential Applications:

• Stock price prediction

• Portfolio optimization

• Algorithmic trading

• Market sentiment analysis

• Risk management

Use Cases:

• Researchers investigating the effectiveness of machine learning in stock market prediction

• Analysts developing quantitative trading Buy/Sell strategies

• Individuals interested in building their own stock market prediction models

• Students learning about machine learning and financial applications

Additional Notes:

• The dataset may include different levels of granularity (e.g., daily, hourly)

• Data cleaning and preprocessing are essential before model training

• Regular updates are recommended to maintain the accuracy and relevance of the data

This analysis presents a rigorous exploration of financial data, incorporating a diverse range of statistical features. By providing a robust foundation, it facilitates advanced research and innovative modeling techniques within the field of finance.

S&P GSCI Silver Index: A Reliable Benchmark for Silver Prices?

Financial data:

• Historical daily stock prices (open, high, low, close, volume)

• Fundamental data (e.g., market capitalization, price to earnings P/E ratio, dividend yield, earnings per share EPS, price to earnings growth, debt-to-equity ratio, price-to-book ratio, current ratio, free cash flow, projected earnings growth, return on equity, dividend payout ratio, price to sales ratio, credit rating)

• Technical indicators (e.g., moving averages, RSI, MACD, average directional index, aroon oscillator, stochastic oscillator, on-balance volume, accumulation/distribution A/D line, parabolic SAR indicator, bollinger bands indicators, fibonacci, williams percent range, commodity channel index)

Machine learning features:

• Feature engineering based on financial data and technical indicators

• Sentiment analysis data from social media and news articles

• Macroeconomic data (e.g., GDP, unemployment rate, interest rates, consumer spending, building permits, consumer confidence, inflation, producer price index, money supply, home sales, retail sales, bond yields)

Potential Applications:

• Stock price prediction

• Portfolio optimization

• Algorithmic trading

• Market sentiment analysis

• Risk management

Use Cases:

• Researchers investigating the effectiveness of machine learning in stock market prediction

• Analysts developing quantitative trading Buy/Sell strategies

• Individuals interested in building their own stock market prediction models

• Students learning about machine learning and financial applications

Additional Notes:

• The dataset may include different levels of granularity (e.g., daily, hourly)

• Data cleaning and preprocessing are essential before model training

• Regular updates are recommended to maintain the accuracy and relevance of the data

Silver Target Market Outlook

The global silver target market size is projected to grow from USD 23.5 billion in 2023 to USD 35.8 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 4.8% during the forecast period. This growth is primarily driven by a combination of increasing industrial applications, heightened investment interest, and the expanding jewelry market. As industrial sectors continue to innovate and scale, the demand for silver as an essential component in various manufacturing processes is expected to rise. Moreover, silver's dual status as both a precious metal and an industrial commodity positions it uniquely in the financial and manufacturing landscapes, enhancing its appeal and driving market expansion.

One of the primary growth factors for the silver target market is its extensive industrial applications, particularly in electronics, photovoltaics, and automotive sectors. Silver's superior electrical conductivity makes it indispensable for electronic devices, and as the world moves towards digitalization and connectivity, the demand for such devices escalates. In the photovoltaics industry, silver plays a crucial role in solar panel production, supporting the global shift towards renewable energy sources. This transition is anticipated to augment silver demand significantly. Additionally, the automotive industry, with its increasing focus on electric vehicles (EVs), relies on silver for its electrical systems, further propelling market growth. The convergence of these industrial needs underscores the metal's vital role in contemporary innovation and technological advancement.

Investment demand also significantly contributes to the silver market's growth. With economic uncertainties and inflation concerns, investors often turn to precious metals like silver as a hedge against currency devaluation. Silver, being more affordable than gold, provides an attractive investment option for a broader audience, including individual and institutional investors. The accessibility of silver, combined with its potential for appreciation, makes it a popular choice for diversifying investment portfolios. Moreover, the rise of digital and online trading platforms has made silver more accessible to investors, further boosting its demand. As economic conditions fluctuate, the stability and security offered by investing in silver ensure its continued prominence in the investment landscape.

The jewelry market remains a significant driving force behind the demand for silver. Silver jewelry, renowned for its affordability, versatility, and aesthetic appeal, continues to witness robust demand across various demographics. The growing trend of personalization and customization in jewelry, spurred by consumer preferences for unique and bespoke items, is fueling silver demand. Moreover, cultural and traditional events, particularly in regions like Asia and the Middle East, where silver holds cultural significance, further drive its market. These factors, combined with the evolving fashion trends and increased disposable incomes in emerging economies, are pivotal in sustaining the jewelry market's demand for silver.

Product Type Analysis

The silver target market is segmented by product types, including bullion, coins, jewelry, industrial silver, and others. Bullion remains a prominent category, primarily driven by its value storage and investment appeal. Investors globally seek bullion as a tangible and enduring asset, often during economic volatility. The price of bullion is closely tied to market dynamics and investor sentiment, and its demand is expected to rise as more individuals and institutions diversify their portfolios. The intrinsic value and liquidity of bullion make it an attractive option for both short-term and long-term investments.

Coins represent another significant segment within the silver market. The demand for silver coins is fueled by both collectors and investors who perceive them as a safe investment and a piece of history or art. Unlike bullion, coins offer potential numismatic value, which can appreciate over time. This dual appeal attracts a diverse range of buyers. Moreover, national mints worldwide regularly issue commemorative coins, which draw interest from collectors and investors alike. The limited issuance of certain coin series can also drive demand and increase their value over time, making them a strategic investment choice.

Jewelry crafted from silver continues to be in vogue, driven by its affordability and versatility. Silver jewelry appeals across a wide demographic, catering to both contemporar

Retail Price Index: Guangdong: Gold, Silver & Jewellery data was reported at 100.800 Prev Year=100 in 2022. This records an increase from the previous number of 100.200 Prev Year=100 for 2021. Retail Price Index: Guangdong: Gold, Silver & Jewellery data is updated yearly, averaging 101.843 Prev Year=100 from Dec 1994 (Median) to 2022, with 29 observations. The data reached an all-time high of 118.100 Prev Year=100 in 2006 and a record low of 90.646 Prev Year=100 in 2013. Retail Price Index: Guangdong: Gold, Silver & Jewellery data remains active status in CEIC and is reported by National Bureau of Statistics. The data is categorized under China Premium Database’s Inflation – Table CN.IB: Retail Price Index: Guangdong.

The statistic shows the inflation rate in Spain from 1987 to 2024, with projections up until 2030. The inflation rate is calculated using the price increase of a defined product basket. This product basket contains products and services, on which the average consumer spends money throughout the year. They include expenses for groceries, clothes, rent, power, telecommunications, recreational activities and raw materials (e.g. gas, oil), as well as federal fees and taxes. In 2023, the average inflation rate in Spain increased by about 3.4 percent compared to the previous year. Inflation in Spain As explained briefly above, inflation is commonly defined as the level of prices for goods and services in a country’s economy over a certain time span. It increases when the total money supply of a country increases, causing the money’s value to decrease, and prices to increase again in turn. Nowadays the term “inflation” is used more or less synonymously with “price level increase”. Its opposite is deflation, which, in short, means a decrease of the price level. Spain and its economy have been severely affected by the financial crisis of 2008 (as can be seen above), when the real estate bubble imploded and caused the demand for goods and services to decrease and the unemployment rate in Spain to increase dramatically. Even though deflation only occurred for one year in 2009 and the price level has been increasing since, Spain’s economy still has a long way to go until full recovery. Apart from the inflation rate and the unemployment rate, gross domestic product / GDP growth in Spain and the trade balance of goods in Spain, i.e. the exports of goods minus the imports, are additional indicators of Spain’s desolate condition during the economic crisis and its slow and difficult recovery ever since. Still, there is a silver lining for Spain’s economy. All in all, things seems to be improving economically, albeit slowly; many key indicators are starting to stabilize or even pick up again, while others still have some recovering to do.