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Spain Economy Profile

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Economy - overview

After a prolonged recession that began in 2008 in the wake of the global financial crisis, Spain marked the fourth full year of positive economic growth in 2017, with economic activity surpassing its pre-crisis peak, largely because of increased private consumption. The financial crisis of 2008 broke 16 consecutive years of economic growth for Spain, leading to an economic contraction that lasted until late 2013. In that year, the government successfully shored up its struggling banking sector - heavily exposed to the collapse of Spain’s real estate boom - with the help of an EU-funded restructuring and recapitalization program.

Until 2014, contraction in bank lending, fiscal austerity, and high unemployment constrained domestic consumption and investment. The unemployment rate rose from a low of about 8% in 2007 to more than 26% in 2013, but labor reforms prompted a modest reduction to 16.4% in 2017. High unemployment strained 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 2010, but Spain gradually reduced the deficit to about 3.3% of GDP in 2017. Public debt has increased substantially – from 60.1% of GDP in 2010 to nearly 96.7% in 2017.

Strong export growth helped bring Spain's current account into surplus in 2013 for the first time since 1986 and sustain Spain’s economic growth. Increasing labor productivity and an internal devaluation resulting from moderating labor costs and lower inflation have improved Spain’s export competitiveness and generated foreign investor interest in the economy, restoring FDI flows.

In 2017, the Spanish Government’s minority status constrained its ability to implement controversial labor, pension, health care, tax, and education reforms. The European Commission expects the government to meet its 2017 budget deficit target and anticipates that expected economic growth in 2018 will help the government meet its deficit target. Spain’s borrowing costs are dramatically lower since their peak in mid-2012, and increased economic activity has generated a modest level of inflation, at 2% in 2017.

GDP (purchasing power parity)
$1.778 trillion (2017 est.)
$1.727 trillion (2016 est.)
$1.674 trillion (2015 est.)

note: data are in 2017 dollars

GDP (official exchange rate)
$1.314 trillion (2017 est.)
GDP - real growth rate
1.95% (2019 est.)
2.43% (2018 est.)
2.97% (2017 est.)
GDP - per capita (PPP)
$38,400 (2017 est.)
$37,200 (2016 est.)
$36,100 (2015 est.)

note: data are in 2017 dollars

Gross national saving
23% of GDP (2017 est.)
22.4% of GDP (2016 est.)
21.5% of GDP (2015 est.)
GDP - composition, by end use
household consumption: 57.7% (2017 est.)
government consumption: 18.5% (2017 est.)
investment in fixed capital: 20.6% (2017 est.)
investment in inventories: 0.6% (2017 est.)
exports of goods and services: 34.1% (2017 est.)
imports of goods and services: -31.4% (2017 est.)
GDP - composition by sector
agriculture: 2.6% (2017 est.)
industry: 23.2% (2017 est.)
services: 74.2% (2017 est.)
Population below poverty line
21.1% (2012 est.)
Labor force
19.057 million (2020 est.)
Labor force - by occupation
agriculture: 4.2%
industry: 24%
services: 71.7% (2009)
Unemployment rate
14.13% (2019 est.)
15.25% (2018 est.)
Unemployment, youth ages 15-24
total: 34.3%
male: 35.2%
female: 33.3% (2018 est.)
Household income or consumption by percentage share
lowest 10%: 2.5%
highest 10%: 24% (2011)
Distribution of family income - Gini index
35.9 (2012)
32 (2005)
Budget
revenues: 498.1 billion (2017 est.)
expenditures: 539 billion (2017 est.)
Taxes and other revenues
37.9% (of GDP) (2017 est.)
Budget surplus (+) or deficit (-)
-3.1% (of GDP) (2017 est.)
Public debt
98.4% of GDP (2017 est.)
99% of GDP (2016 est.)
Inflation rate (consumer prices)
2% (2017 est.)
-0.2% (2016 est.)
Central bank discount rate
0.05% (10 September 2014)
0.25% (13 November 2013)

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 rate
2.03% (31 December 2017 est.)
2.19% (31 December 2016 est.)
Stock of narrow money
$1.088 trillion (31 December 2017 est.)
$841.6 billion (31 December 2016 est.)

note: see entry for the European Union for money supply for the entire euro area; the European Central Bank (ECB) controls monetary policy for the 18 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
$1.088 trillion (31 December 2017 est.)
$841.6 billion (31 December 2016 est.)
Stock of domestic credit
$2.491 trillion (31 December 2017 est.)
$2.21 trillion (31 December 2016 est.)
Market value of publicly traded shares
$787.2 billion (31 December 2015 est.)
$992.9 billion (31 December 2014 est.)
$1.117 trillion (31 December 2013 est.)
Agriculture - products
grain, vegetables, olives, wine grapes, sugar beets, citrus; beef, pork, poultry, dairy products; fish
Industries
textiles 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% (2017 est.)
Current Account Balance
$29.603 billion (2019 est.)
$27.206 billion (2018 est.)
Exports
$313.7 billion (2017 est.)
$280.5 billion (2016 est.)
Exports - commodities
machinery, motor vehicles; foodstuffs, pharmaceuticals, medicines, other consumer goods
Exports - partners
France 15.1%, Germany 11.3%, Italy 7.8%, Portugal 7.1%, UK 6.9%, US 4.4% (2017)
Imports
$338.6 billion (2017 est.)
$300.2 billion (2016 est.)
Imports - commodities
machinery and equipment, fuels, chemicals, semi-finished goods, foodstuffs, consumer goods, measuring and medical control instruments
Imports - partners
Germany 14.2%, France 11.9%, China 6.9%, Italy 6.8%, Netherlands 5.1%, UK 4% (2017)
Reserves of foreign exchange and gold
$69.41 billion (31 December 2017 est.)
$63.14 billion (31 December 2016 est.)
Debt - external
$2.094 trillion (31 December 2017 est.)
$1.963 trillion (31 March 2015 est.)
Stock of direct foreign investment - at home
$824.8 billion (31 December 2017 est.)
$739.7 billion (31 December 2016 est.)
Stock of direct foreign investment - abroad
$776.8 billion (31 December 2017 est.)
$696.9 billion (31 December 2016 est.)
Exchange rates
euros (EUR) per US dollar -
0.885 (2017 est.)
0.903 (2016 est.)
0.9214 (2015 est.)
0.7525 (2014 est.)
0.7634 (2013 est.)
Fiscal year
calendar year

Source: CIA World Factbook
This page was last updated on Friday, November 27, 2020

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