Flag of Spain

Spain Economy Profile 2013

Home > Factbook > Countries > Spain

Economy - overviewAfter almost 15 years of above average GDP growth, the Spanish economy began to slow in late 2007 and entered into a recession in the second quarter of 2008. GDP contracted by 3.7% in 2009, ending a 16-year growth trend, and by another 0.3% in 2010; GDP expanded 0.4% in 2011, before contracting 1.4% in 2012. The economy has once again fallen into recession as deleveraging in the private sector, fiscal consolidation, and continued high unemployment weigh on domestic demand and investment, even as exports have shown signs of resiliency. The unemployment rate rose from a low of about 8% in 2007 to 26.0% in 2012. The economic downturn has also hurt Spain's public finances. The government budget deficit peaked at 11.2% of GDP in 2010 and the process to reduce this imbalance has been slow despite the central government's efforts to raise new tax revenue and cut spending. Spain reduced its budget deficit to 9.4% of GDP in 2011, and roughly 7.4% of GDP in 2012, above the 6.3% target negotiated between Spain and the EU. Although Spain''s large budget deficit and poor economic growth prospects remain a source of concern for foreign investors, the government''s ongoing efforts to cut spending and introduce flexibility into the labor markets are intended to assuage these concerns. The government is also taking steps to shore up the banking system, namely by using up to $130 billion in EU funds to recapitalize struggling banks exposed to the collapsed domestic construction and real estate sectors.
GDP (purchasing power parity)$1.434 trillion (2012 est.)
$1.454 trillion (2011 est.)
$1.448 trillion (2010 est.)
note: data are in 2012 US dollars
GDP (official exchange rate)$1.352 trillion (2012 est.)
GDP - real growth rate-1.4% (2012 est.)
0.4% (2011 est.)
-0.3% (2010 est.)
GDP - per capita (PPP)$31,100 (2012 est.)
$31,500 (2011 est.)
$31,400 (2010 est.)
note: data are in 2012 US dollars
Gross national saving18.5% of GDP (2012 est.)
17.8% of GDP (2011 est.)
18.3% of GDP (2010 est.)
GDP - composition, by end usehousehold consumption: 59.2%
government consumption: 20.1%
investment in fixed capital: 19.1%
investment in inventories: 0.5%
exports of goods and services: 32.2%
imports of goods and services: -31.1%
(2012 est.)
GDP - composition by sectoragriculture: 3.3%
industry: 26.4%
services: 70.3% (2012 est.)
Population below poverty line21.1% (2012)
Labor force23.05 million (2012 est.)
Labor force - by occupationagriculture: 4.2%
industry: 24%
services: 71.7% (2009 est.)
Unemployment rate25.1% (2012 est.)
21.7% (2011 est.)
Unemployment, youth ages 15-24total: 46.4%
male: 48.2%
female: 44.4% (2011)
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)
Investment (gross fixed)19.1% of GDP (2012 est.)
Budgetrevenues: $491.2 billion
expenditures: $634.6 billion (2012 est.)
Taxes and other revenues36.3% of GDP (2012 est.)
Budget surplus (+) or deficit (-)-10.6% of GDP (2012 est.)
Public debt84.1% of GDP (2012 est.)
69.3% of GDP (2011 est.)
Inflation rate (consumer prices)2.4% (2012 est.)
3% (2011 est.)
Central bank discount rate1.5% (31 December 2012)
1.75% (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 rate8.3% (31 December 2012 est.)
8.09% (31 December 2011 est.)
Stock of narrow money$784.5 billion (31 December 2012 est.)
$778.1 billion (31 December 2011 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$1.969 trillion (31 December 2012 est.)
$2.211 trillion (31 December 2011 est.)
Stock of domestic credit$3.029 trillion (31 December 2012 est.)
$3.152 trillion (31 December 2011 est.)
Market value of publicly traded shares$1.031 trillion (31 December 2011)
$1.172 trillion (31 December 2010)
$1.297 trillion (31 December 2009)
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-4.5% (2012 est.)
Current Account Balance-$18.8 billion (2012 est.)
-$52.28 billion (2011 est.)
Exports$291.7 billion (2012 est.)
$303.3 billion (2011 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$323.7 billion (2012 est.)
$361.8 billion (2011 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$2.311 trillion (31 December 2012)
$2.269 trillion (31 December 2011)
Stock of direct foreign investment - at home$723.5 billion (31 December 2012 est.)
$700.9 billion (31 December 2011 est.)
Stock of direct foreign investment - abroad$716.2 billion (31 December 2012 est.)
$721.3 billion (31 December 2011 est.)
Exchange rateseuros (EUR) per US dollar -
0.7778 (2012 est.)
0.7185 (2011 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 February 21, 2013