Overview: This Western capitalistic economy has done well since Spain joined the EC in 1986. With annual increases in real GNP averaging about 5% in the 1987-90 period, Spain has been the fastest growing member of the EC. Increased investment--both domestic and foreign--has been the most important factor pushing the economic expansion. Inflation moderated to 4.8% in 1988, but an overheated economy caused inflation to reach almost 7% in 1989-90. Another economic problem facing Spain is an unemployment rate of 16.3%, the highest in Europe.

GDP: $435.9 billion, per capita $11,100; real growth rate 3.7% (1990)

Inflation rate (consumer prices): 6.7% (1990)

Unemployment rate: 16.3% (1990)

Budget: revenues $100.1 billion; expenditures $111.6 billion, including capital expenditures of $NA (1990)

Exports: $55.6 billion (f.o.b., 1990); commodities--foodstuffs, live animals, wood, footwear, machinery, chemicals; partners--EC 67.8%, US 6.5%, other developed countries 9%

Imports: $87.7 billion (c.i.f., 1990); commodities--petroleum, footwear, machinery, chemicals, grain, soybeans, coffee, tobacco, iron and steel, timber, cotton, transport equipment; partners--EC 59.7%, US 8.5%, other developed countries 11.5%, Middle East 3.4%

External debt: $37 billion (1990 est.)

Industrial production: growth rate 3.5% (1990 est.)

Electricity: 46,589,000 kW capacity; 141,000 million kWh produced, 3,590 kWh per capita (1990)

Industries: textiles and apparel (including footwear), food and beverages, metals and metal manufactures, chemicals, shipbuilding, automobiles, machine tools

Agriculture: accounts for 5% of GNP and 14% of labor force; major products--grain, vegetables, olives, wine grapes, sugar beets, citrus fruit, beef, pork, poultry, dairy; largely self-sufficient in food; fish catch of 1.4 million metric tons is among top 20 nations

Economic aid: US commitments, including Ex-Im (FY70-87), $1.9 billion; Western (non-US) countries, ODA and OOF bilateral commitments (1970-79), $545.0 million; not currently a recipient

Currency: peseta (plural--pesetas); 1 peseta (Pta) = 100 centimos

Exchange rates: pesetas (Ptas) per US$1--95.20 (January 1991), 101.93 (1990), 118.38 (1989), 116.49 (1988), 123.48 (1987), 140.05 (1986), 170.04 (1985)

Fiscal year: calendar year

NOTE: The information regarding Spain on this page is re-published from the 1991 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Spain Economy 1991 information contained here. All suggestions for corrections of any errors about Spain Economy 1991 should be addressed to the CIA.