- 10-15% of wealth destroyed through the war - led to high inflation
- Income was 28% lower per capita in 1939 than in 1935
- 70% of Madrid's factory machinery needed replacing, communications and tram networks needed replacing
- A third of merchant ships had been destroyed- unable to export as much
- Lack of skilled workers, labour shortages
- Despite recovery during WWII (remained neutral), Spain was exploited by Germany for resources and demands for payment for its aid
- Remainted an agricultural economy - landowners didn't want modernization
However, during Cold War Spain became less isolated and modernized during 1950-60's
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