MBA Spain

Spanish Economy


 

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The economy of Spain has been transformed in the last three decades. Spain changed from a rural, backward, agricultural country into a nation with a diversified economy with strong manufacturing and service sectors.

The Basque country and Catalonia are the Spanish economy’s most important industrial regions and five of Spain's provinces (Barcelona, Biscay, Madrid, Navarre and Oviedo, all located in the north and east) produce over half the country's industrial output. Catalonia, where some 85% of companies are situated in Barcelona, is Spain's economic source of power and one of Europe's most important industrial regions.

Today the economy of Spain is the fifth largest in Europe, accounting for around 9% of EU output. Per capita income, at 78% of the EU average is among the lowest in the EU, although it is well ahead of Ireland, Portugal and Greece. Spain's main trading partners are France, Germany and Italy for exports and Germany, France and Italy for imports.

Spain's Economy Facts

  • Spain's economy´s most important industries include tourism, chemistry and petrochemicals, heavy industry and food and beverages.
  • Spain is Europe's fourth large manufacturing country after Germany, France and Italy.
  • Tourism is one of Spain's most important industries, especially in Andalucia, earning about 4% of the GDP and employing some 10% of the workforce, both directly and indirectly.
  • Spain is also the world's largest producer of olive oil, fourth largest producer of dried fruit and the sixth largest producer of citrus fruits.
  • Spain's vineyards are the largest in the world and some of them 60% larger than France's, although it's only the fourth highest producer of wine-grapes and ranks third in wine production.

Economy Statistics

These are some of the most important statistics of Spain's economy:
Statistics
Currency 1 euro (€) = 100 cents (before 2002, 1 peseta (Pta) = 100 céntimos)
GDP Ranking 9th
GGDP Purchasing power parity - $1081.332 billion (2006 est.)
GDP-real growth rate 3.4% (2005 est.)
GDP-per capita Purchasing power parity - $26,009 (2006 est.)
GDP-composition by sector Agriculture: 3.4%
industry: 30.1%
Services: 66.5% (2003 est.)
Inflation 2.6% (2003 est.)
Labor force 17.1 million (2001 est.)
Labor force - by occupation Services 64%
manufacturing, mining, and construction 29%
agriculture 7% (2001est.)
Unemployment rate 8.7% may 2006
Budget Revenues: $105 billion
expenditures: $109 billion, including capital expenditures of $12.8 billion (2000 est.)
Trading Partners
Industries Textiles and apparel (including footwear), food and beverages, metals and metal manufactures, chemicals, shipbuilding, automobiles, machine tools, tourism.
Industrial production growth rate 0.6% (2003 est.)
Electricity - production 222,500 GWh (2001 est.)
Electricity - consumption 210,400 GWh (2001 est.)
Electricity - exports 4,138 GWh (2001 est.)
Electricity - imports 7,588 GWh (2001 est.)
Agriculture - products Grain, vegetables, olives, wine grapes, sugar beets, citrus; beef, pork, poultry, dairy products; fish
Exports $159.4 billion f.o.b. (2003 est.)
Exports - partners France 19%
Germany 11.4%
UK 9.6%
Portugal 9.5%
Italy 9.3%
U.S. 4.6% (2002 est.)
Imports $197.1 billion f.o.b. (2003 est.)
Imports - partners France 17%
Germany 16.5%
Italy 8.6%
UK 6.4%
Netherlands 4.8% (2002 est.)
Public Finances
Debt - external $90 billion (1993 est.)
Economic aid - donor ODA, $1.33 billion (1999 est.)


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