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Spain Economy 2014
http://www.theodora.com/wfbcurrent/spain/spain_economy.html
SOURCE: 2014 CIA WORLD FACTBOOK AND OTHER SOURCES


















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Page last updated on January 31, 2014

Economy - overview:
After almost 15 years of above average GDP growth, the Spanish economy began to slow in late 2007 and entered into a recession in the second quarter of 2008. GDP contracted by 3.7% in 2009, ending a 16-year growth trend, and by another 0.3% in 2010; GDP expanded 0.4% in 2011, before contracting 1.4% in 2012. The economy has once again fallen into recession as deleveraging in the private sector, fiscal consolidation, and continued high unemployment weigh on domestic demand and investment, even as exports have shown signs of resiliency. The unemployment rate rose from a low of about 8% in 2007 to 26.0% in 2012. The economic downturn has also hurt Spain's public finances. The government budget deficit peaked at 11.2% of GDP in 2010 and the process to reduce this imbalance has been slow despite the central government's efforts to raise new tax revenue and cut spending. Spain reduced its budget deficit to 9.4% of GDP in 2011, and roughly 7.4% of GDP in 2012, above the 6.3% target negotiated between Spain and the EU. Although Spain''s large budget deficit and poor economic growth prospects remain a source of concern for foreign investors, the government''s ongoing efforts to cut spending and introduce flexibility into the labor markets are intended to assuage these concerns. The government is also taking steps to shore up the banking system, namely by using up to $130 billion in EU funds to recapitalize struggling banks exposed to the collapsed domestic construction and real estate sectors.

GDP (purchasing power parity):
$1.388 trillion (2012 est.)
country comparison to the world: 15

$1.411 trillion (2011 est.)
$1.41 trillion (2010 est.)
note: data are in 2012 US dollars
[see also: GDP country ranks ]

GDP (official exchange rate):
$1.306 trillion (2012 est.)

GDP - real growth rate:
-1.6% (2012 est.)
country comparison to the world: 204

0.1% (2011 est.)
-0.2% (2010 est.)

GDP - per capita (PPP):
$30,100 (2012 est.)
country comparison to the world: 46

$30,600 (2011 est.)
$30,600 (2010 est.)
note: data are in 2012 US dollars

Gross national saving:
18.6% of GDP (2012 est.)
country comparison to the world: 82

17.5% of GDP (2011 est.)
18.3% of GDP (2010 est.)

GDP - composition, by end use:
household consumption: 59.3%
government consumption: 20.2%
investment in fixed capital: 19.2%
investment in inventories: 0.6%
exports of goods and services: 32.7%
imports of goods and services: -31.9%

(2012 est.)
[see also: country ranks ]

GDP - composition, by sector of origin:
agriculture: 3.1%
industry: 26.3%
services: 70.7% (2012 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:
-3.6% (2012 est.)
country comparison to the world: 168

Labor force:
23.05 million (2012 est.)
country comparison to the world: 30

Labor force - by occupation:
agriculture: 4.2%
industry: 24%
services: 71.7% (2009 est.)

Unemployment rate:
25.1% (2012 est.)
country comparison to the world: 175

21.7% (2011 est.)

Population below poverty line:
21.1% (2012)

Household income or consumption by percentage share:
lowest 10%: 2.6%
highest 10%: 26.6% (2000)

Distribution of family income - Gini index:
32 (2005)
country comparison to the world: 104

32.5 (1990)

Budget:
revenues: $481.9 billion
expenditures: $623.9 billion (2012 est.)

Taxes and other revenues:
36.9% of GDP (2012 est.)
country comparison to the world: 58

Budget surplus (+) or deficit (-):
-10.9% of GDP (2012 est.)
country comparison to the world: 204

Public debt:
84.1% of GDP (2012 est.)
country comparison to the world: 26

69.3% of GDP (2011 est.)

Fiscal year:
calendar year

Inflation rate (consumer prices):
2.4% (2012 est.)
country comparison to the world: 62

3% (2011 est.)

Central bank discount rate:
1.5% (31 December 2012)
country comparison to the world: 122

1.75% (31 December 2010)
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:
8.3% (31 December 2012 est.)
country comparison to the world: 114

8.09% (31 December 2011 est.)

Stock of narrow money:
$785.2 billion (31 December 2012 est.)
country comparison to the world: 8

$778.2 billion (31 December 2011 est.)
note: see entry for the European Union for money supply in the euro area; the European Central Bank (ECB) controls monetary policy for the 17 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:
$1.969 trillion (31 December 2012 est.)
country comparison to the world: 8

$2.211 trillion (31 December 2011 est.)

Stock of domestic credit:
$3.045 trillion (31 December 2012 est.)
country comparison to the world: 10

$3.177 trillion (31 December 2011 est.)

Market value of publicly traded shares:
$1.031 trillion (31 December 2011)
country comparison to the world: 14

$1.172 trillion (31 December 2010)
$1.297 trillion (31 December 2009)

Current account balance:
$-15.14 billion (2012 est.)
country comparison to the world: 180

$-55.07 billion (2011 est.)

Exports:
$291.6 billion (2012 est.)
country comparison to the world: 22

$303.3 billion (2011 est.)

Exports - commodities:
machinery, motor vehicles; foodstuffs, pharmaceuticals, medicines, other consumer goods

Exports - partners:
France 16.8%, Germany 10.8%, Italy 7.7%, Portugal 7.1%, UK 6.5% (2012)

Imports:
$323.6 billion (2012 est.)
country comparison to the world: 17

$361.8 billion (2011 est.)

Imports - commodities:
machinery and equipment, fuels, chemicals, semifinished goods, foodstuffs, consumer goods, measuring and medical control instruments

Imports - partners:
Germany 11.8%, France 11.5%, Italy 6.7%, China 5.6%, Netherlands 5.4%, UK 4.1% (2012)

Reserves of foreign exchange and gold:
$50.59 billion (31 December 2012 est.)
country comparison to the world: 38

$47.1 billion (31 December 2011 est.)

Debt - external:
$2.311 trillion (31 December 2012)
country comparison to the world: 10

$2.269 trillion (31 December 2011)

Stock of direct foreign investment - at home:
$725.3 billion (31 December 2012 est.)
country comparison to the world: 12

$702.7 billion (31 December 2011 est.)

Stock of direct foreign investment - abroad:
$710.2 billion (31 December 2012 est.)
country comparison to the world: 12

$720.3 billion (31 December 2011 est.)

Exchange rates:
euros (EUR) per US dollar -

0.7752 (2012 est.)
0.7194 (2011 est.)
0.755 (2010 est.)
0.7198 (2009 est.)
0.6827 (2008 est.)


NOTE: The information regarding Spain on this page is re-published from the 2014 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Spain Economy 2014 information contained here. All suggestions for corrections of any errors about Spain Economy 2014 should be addressed to the CIA.



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