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Spain Economy Profile 2014

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Economy - overviewSpain experienced a prolonged recession in the wake of the global financial crisis. GDP contracted by 3.7% in 2009, ending a 16-year growth trend, and continued contracting through most of 2013. Economic growth resumed in late 2013, albeit only modestly, as credit contraction in the private sector, fiscal austerity, and high unemployment continued to weigh on domestic consumption and investment. Exports, however, have been resilient throughout the economic downturn, partially offsetting declines in domestic consumption and helped to bring Spain's current account into surplus in 2013 for the first time since 1986. The unemployment rate rose from a low of about 8% in 2007 to more than 26% in 2013, straining Spain's public finances as spending on social benefits increased while tax revenues fell. Spain’s budget deficit peaked at 11.4% of GDP in 2009. Spain gradually reduced the deficit to just under 7% of GDP in 2013, slightly above the 6.5% target negotiated between Spain and the EU. Public debt has increased substantially – from 60.1% of GDP in 2010 to 93.4% in 2013. Rising labor productivity, moderating labor costs, and lower inflation have helped to improve foreign investor interest in the economy and to reduce government borrowing costs. The government's ongoing efforts to implement reforms - labor, pension, health, tax, and education - are aimed at supporting investor sentiment. The government also has shored up struggling banks exposed to Spain's depressed domestic construction and real estate sectors by successfully completing an EU-funded restructuring and recapitalization program in December 2013.
GDP (purchasing power parity)$1.389 trillion (2013 est.)
$1.407 trillion (2012 est.)
$1.43 trillion (2011 est.)
note: data are in 2013 US dollars
GDP (official exchange rate)$1.356 trillion (2013 est.)
GDP - real growth rate-1.3% (2013 est.)
-1.6% (2012 est.)
0.1% (2011 est.)
GDP - per capita (PPP)$30,100 (2013 est.)
$30,500 (2012 est.)
$31,000 (2011 est.)
note: data are in 2013 US dollars
Gross national saving18.9% of GDP (2013 est.)
18.6% of GDP (2012 est.)
17.5% of GDP (2011 est.)
GDP - composition, by end usehousehold consumption: 59%
government consumption: 19.9%
investment in fixed capital: 18.4%
investment in inventories: 0.4%
exports of goods and services: 32.8%
imports of goods and services: -30.4%
(2013 est.)
GDP - composition by sectoragriculture: 3.1%
industry: 26%
services: 70.8% (2013 est.)
Population below poverty line21.1% (2012)
Labor force23.2 million (2013 est.)
Labor force - by occupationagriculture: 4.2%
industry: 24%
services: 71.7% (2009 est.)
Unemployment rate26.3% (2013 est.)
25.1% (2012 est.)
Unemployment, youth ages 15-24total: 53.2%
male: 54.4%
female: 51.8% (2012)
Household income or consumption by percentage sharelowest 10%: 2.6%
highest 10%: 26.6% (2000)
Distribution of family income - Gini index32 (2005)
32.5 (1990)
Budgetrevenues: $505.1 billion
expenditures: $597.3 billion (2013 est.)
Taxes and other revenues37.1% of GDP (2013 est.)
Budget surplus (+) or deficit (-)-6.8% of GDP (2013 est.)
Public debt93.7% of GDP (2013 est.)
85.9% of GDP (2012 est.)
Inflation rate (consumer prices)1.8% (2013 est.)
2.4% (2012 est.)
Central bank discount rate0.75% (31 December 2013)
1.5% (31 December 2010)
note: this is the European Central Bank's rate on the marginal lending facility, which offers overnight credit to banks in the euro area
Commercial bank prime lending rate8% (31 December 2013 est.)
NA% (31 December 2012 est.)
Stock of narrow money$777.3 billion (31 December 2013 est.)
$785.2 billion (31 December 2012 est.)
note: see entry for the European Union for money supply in the euro area; the European Central Bank (ECB) controls monetary policy for the 17 members of the Economic and Monetary Union (EMU); individual members of the EMU do not control the quantity of money circulating within their own borders
Stock of broad money$2.003 trillion (31 December 2013 est.)
$2.096 trillion (31 December 2012 est.)
Stock of domestic credit$2.936 trillion (31 December 2013 est.)
$3.045 trillion (31 December 2012 est.)
Market value of publicly traded shares$995.1 billion (31 December 2012 est.)
$1.031 trillion (31 December 2011)
$1.172 trillion (31 December 2010 est.)
Agriculture - productsgrain, vegetables, olives, wine grapes, sugar beets, citrus; beef, pork, poultry, dairy products; fish
Industriestextiles and apparel (including footwear), food and beverages, metals and metal manufactures, chemicals, shipbuilding, automobiles, machine tools, tourism, clay and refractory products, footwear, pharmaceuticals, medical equipment
Industrial production growth rate-1.2% (2013 est.)
Current Account Balance$2.1 billion (2013 est.)
-$15.14 billion (2012 est.)
Exports$458 billion (2013 est.)
$432 billion (2012 est.)
Exports - commoditiesmachinery, motor vehicles; foodstuffs, pharmaceuticals, medicines, other consumer goods
Exports - partnersFrance 16.8%, Germany 10.8%, Italy 7.7%, Portugal 7.1%, UK 6.5% (2012)
Imports$431 billion (2013 est.)
$422 billion (2012 est.)
Imports - commoditiesmachinery and equipment, fuels, chemicals, semifinished goods, foodstuffs, consumer goods, measuring and medical control instruments
Imports - partnersGermany 11.8%, France 11.5%, Italy 6.7%, China 5.6%, Netherlands 5.4%, UK 4.1% (2012)
Reserves of foreign exchange and gold$50.59 billion (31 December 2012 est.)
$47.1 billion (31 December 2011 est.)
Debt - external$2.278 trillion (31 December 2012 est.)
$2.269 trillion (31 December 2011)
Stock of direct foreign investment - at home$779.5 billion (31 December 2013 est.)
$725.3 billion (31 December 2012 est.)
Stock of direct foreign investment - abroad$714.4 billion (31 December 2013 est.)
$710.2 billion (31 December 2012 est.)
Exchange rateseuros (EUR) per US dollar -
0.7634 (2013 est.)
0.7752 (2012 est.)
0.755 (2010 est.)
0.7198 (2009 est.)
0.6827 (2008 est.)
Fiscal yearcalendar year

Source: CIA World Factbook
Unless otherwise noted, information in this page is accurate as of August 23, 2014