Abstract. During three pre-crisis decades the dominant feature of Spain’s economic development model was the leading growth of service sector and construction. Under the economic circumstances of 1980-1990s this model proved to be enough successful. In particular, it provided a substantial growth of the living level of Spanish population. However, by mid-2000s it has been exhausted. Moreover, while being at the upward trend the nation missed the opportunity of shifting to a higher level of technological development. As a result, the accumulated disparities in its economic structure made Spain one of the focal points of the recent crisis of Eurozone. It is clear that it will take a long period for the nation to solve the urgent problems, which the prevailing part is concentrated in the sphere of government finance.