Spain Economy
Is Spain a wealthy country?
GDP and Growth: Spain is one of the largest economies in Europe and the world. Before the COVID-19 pandemic, Spain had experienced several years of economic growth. However, the pandemic had a significant impact on the country's economy, causing a contraction in GDP in 2020. Recovery efforts were underway in 2021.
Unemployment: Spain has historically struggled with high unemployment rates, particularly among its youth. In 2020, the pandemic worsened this issue, but the government introduced measures to support employment and job retention.
Tourism: Tourism is a critical sector of the Spanish economy. Spain is a top tourist destination globally, but the pandemic severely affected this industry in 2020 and 2021. As international travel gradually resumes, Spain's tourism sector is expected to recover, although the timing and pace may vary.
Exports and Imports: Spain is a significant exporter of goods and services, with key exports including machinery, vehicles, agricultural products, and chemicals. The European Union is a major trading partner. Imports consist of machinery, equipment, fuels, and consumer goods.
Government Debt: Spain's government debt had increased due to stimulus measures taken during the pandemic. The government has focused on fiscal consolidation and implementing structural reforms to improve economic resilience.
Banking Sector: The Spanish banking sector underwent significant reforms after the 2008 financial crisis. It has become more stable and resilient, with stronger regulations in place.
Foreign Investment: Spain has attracted foreign investment in various sectors, including renewable energy, real estate, and technology. The country's location, infrastructure, and a skilled workforce make it appealing to foreign investors.
Energy Transition: Spain has been investing in renewable energy sources like wind and solar power. The government aims to reduce greenhouse gas emissions and transition to a more sustainable energy system.
Political Stability: Spain is a constitutional monarchy with a parliamentary system. While political stability has generally been maintained, regional issues, like the Catalonia independence movement, have occasionally caused tensions.
COVID-19 Impact: Like many countries, Spain faced challenges due to the pandemic, including economic disruption, job losses, and increased government spending on healthcare and stimulus measures. Vaccination campaigns have been underway to mitigate the impact.
EU Recovery Fund: Spain is a recipient of funds from the European Union's Recovery and Resilience Facility, which is intended to support post-pandemic economic recovery and long-term resilience. These funds are expected to be used for various projects and reforms.
Spain Economy Data
What is the GDP of Spain?
| Currency Name and Code | Euro (EUR) |
| GDP - Gross Domestic Product (PPP) | $1,714,860,000,000 (USD) |
| GDP - official exchange rate | $1,221,000,000,000 (USD) |
| GDP - real growth rate | 3.1% |
| GDP Per Capita | $35,200.00 (USD) |
| GDP by Sector- agriculture | 2.5% |
| GDP by Sector- Industry | 22.7% |
| GDP by Sector- services | 74.8% |
| GDP - composition, by end use |
household consumption: 58.8% government consumption: 18.7% investment in fixed capital: 19.3% investment in inventories: 0.3% exports of goods and services: 32.2% imports of goods and services: -29.3% |
| Population Below Poverty Line | 21.1% |
| Inflation Rate | 2.4% |
| Labor Force | 23,110,000 |
| Labor Force By Occupation- agriculture | 4.2% |
| Labor Force By Occupation- industry | 24% |
| Labor Force By Occupation- services | 71.7% |
| Unemployment Rate | 26% |
| Fiscal Year | calendar year |
| Annual Budget | $485,100,000,000 (USD) |
| Budget Surplus or Deficit - percent of GDP | -6.8% |
| Public Debt (% of GDP) | 85.3% |
| Taxes and other revenues - percent of GDP | 37.1% |
| Major 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 Growth Rate | 5.9% |
| Agriculture Products | grain, vegetables, olives, wine grapes, sugar beets, citrus; beef, pork, poultry, dairy products; fish |
| Exchange Rate per US Dollar | euro (EUR) |
| Commercial Bank Prime Lending Rate | 8% |