Spain Economy

Is Spain a rich country?

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.

Spain Economy Data

What is the GDP of Spain?

GDP - Gross Domestic Product (PPP) $1,572,000,000,000 (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
Currency Code euro (EUR)
Commercial Bank Prime Lending Rate 8%

Labor Force by Occupation- As reported by Spain

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