WikiWealth

With over 4 million Spaniards out of work, laborers are starting to turn to the labor black market for work. The Spanish labor black market accounts for more that 23% of Spain’s GDP and it grew by >7% last year. The black economy is especially active by those that are still receiving unemployment benefits. Spaniards are reluctant to go back to work until the two-years payment period is over.

Source

The Economist, April 10th-16th, Pg 55 … "Labor Black Market" is an easy qualitative factor to overcome, so the investment will not have to spend much time trying to overcome this issue.