IBERSOL | 2019 Annual Report

 The reduction in external demand in the Spanish economy also con- tributed to a more moderate growth, but less so than in other deve- loped EUM economies, given the lower dependence of the services sectors in regards to the fluctuations of the manufacturing indus- tries, that are more dependent on the international markets. The inflation rate, measured according to HICP, remains at low levels. Job creation remained steady over 2019, but at a more moderate pace when compared to the previous year. Despite improvements since 2014, the public debt ratio remained high in 2019 (96.6. The long-term reduction of public debt requires additional measures of budget consolidation and keeping up higher growth rates. 10