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Spain Economy 2015
http://www.theodora.com/wfbcurrent/spain/spain_economy.html
SOURCE: 2015 CIA WORLD FACTBOOK AND OTHER SOURCES


















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Page last updated on June 20, 2014

Economy - overview:
Spain experienced a prolonged recession in the wake of the global financial crisis. GDP contracted by 3.7% in 2009, ending a 16-year growth trend, and continued contracting through most of 2013. Economic growth resumed in late 2013, albeit only modestly, as credit contraction in the private sector, fiscal austerity, and high unemployment continued to weigh on domestic consumption and investment. Exports, however, have been resilient throughout the economic downturn, partially offsetting declines in domestic consumption and helped to bring Spain's current account into surplus in 2013 for the first time since 1986. The unemployment rate rose from a low of about 8% in 2007 to more than 26% in 2013, straining Spain's public finances as spending on social benefits increased while tax revenues fell. Spainý?"s budget deficit peaked at 11.4% of GDP in 2009. Spain gradually reduced the deficit to just under 7% of GDP in 2013, slightly above the 6.5% target negotiated between Spain and the EU. Public debt has increased substantially ý? from 60.1% of GDP in 2010 to 93.4% in 2013. Rising labor productivity, moderating labor costs, and lower inflation have helped to improve foreign investor interest in the economy and to reduce government borrowing costs. The government's ongoing efforts to implement reforms - labor, pension, health, tax, and education - are aimed at supporting investor sentiment. The government also has shored up struggling banks exposed to Spain's depressed domestic construction and real estate sectors by successfully completing an EU-funded restructuring and recapitalization program in December 2013.

GDP (purchasing power parity):
$1.389 trillion (2013 est.)
country comparison to the world: 15

$1.407 trillion (2012 est.)
$1.43 trillion (2011 est.)
note: data are in 2013 US dollars
[see also: GDP country ranks ]

GDP (official exchange rate):
$1.356 trillion (2013 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
-1.3% (2013 est.)
country comparison to the world: 207

-1.6% (2012 est.)
0.1% (2011 est.)
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$30,100 (2013 est.)
country comparison to the world: 47

$30,500 (2012 est.)
$31,000 (2011 est.)
note: data are in 2013 US dollars
[see also: GDP - per capita country ranks ]

Gross national saving:
18.9% of GDP (2013 est.)
country comparison to the world: 84

18.6% of GDP (2012 est.)
17.5% of GDP (2011 est.)
[see also: Gross national saving country ranks ]

GDP - composition, by end use:
household consumption: 59%
government consumption: 19.9%
investment in fixed capital: 18.4%
investment in inventories: 0.4%
exports of goods and services: 32.8%
imports of goods and services: -30.4%

(2013 est.)

GDP - composition, by sector of origin:
agriculture: 3.1%
industry: 26%
services: 70.8% (2013 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:
-1.2% (2013 est.)
country comparison to the world: 180
[see also: Industrial production growth rate country ranks ]

Labor force:
23.2 million (2013 est.)
country comparison to the world: 29
[see also: Labor force country ranks ]

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

Unemployment rate:
26.3% (2013 est.)
country comparison to the world: 175

25.1% (2012 est.)
[see also: Unemployment rate country ranks ]

Population below poverty line:
21.1% (2012)
[see also: Population below poverty line country ranks ]

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: 107

32.5 (1990)
[see also: Distribution of family income - Gini index country ranks ]

Budget:
revenues: $505.1 billion
expenditures: $597.3 billion (2013 est.)

Taxes and other revenues:
37.1% of GDP (2013 est.)
country comparison to the world: 56
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-6.8% of GDP (2013 est.)
country comparison to the world: 185
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
93.7% of GDP (2013 est.)
country comparison to the world: 17

85.9% of GDP (2012 est.)
[see also: Public debt country ranks ]

Fiscal year:
calendar year

Inflation rate (consumer prices):
1.8% (2013 est.)
country comparison to the world: 60

2.4% (2012 est.)
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
0.75% (31 December 2013)
country comparison to the world: 128

1.5% (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
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
8% (31 December 2013 est.)

NA% (31 December 2012 est.)
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$777.3 billion (31 December 2013 est.)
country comparison to the world: 8

$785.2 billion (31 December 2012 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
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$2.003 trillion (31 December 2013 est.)
country comparison to the world: 9

$2.096 trillion (31 December 2012 est.)
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$2.936 trillion (31 December 2013 est.)
country comparison to the world: 10

$3.045 trillion (31 December 2012 est.)
[see also: Stock of domestic credit country ranks ]

Market value of publicly traded shares:
$995.1 billion (31 December 2012 est.)
country comparison to the world: 12

$1.031 trillion (31 December 2011)
$1.172 trillion (31 December 2010 est.)
[see also: Market value of publicly traded shares country ranks ]

Current account balance:
$2.1 billion (2013 est.)
country comparison to the world: 39

-$15.14 billion (2012 est.)
[see also: Current account balance country ranks ]

Exports:
$458 billion (2013 est.)
country comparison to the world: 13

$432 billion (2012 est.)
[see also: Exports country ranks ]

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:
$431 billion (2013 est.)
country comparison to the world: 14

$422 billion (2012 est.)
[see also: Imports country ranks ]

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: 39

$47.1 billion (31 December 2011 est.)
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$2.278 trillion (31 December 2012 est.)
country comparison to the world: 10

$2.269 trillion (31 December 2011)
[see also: Debt - external country ranks ]

Stock of direct foreign investment - at home:
$779.5 billion (31 December 2013 est.)
country comparison to the world: 10

$725.3 billion (31 December 2012 est.)
[see also: Stock of direct foreign investment - at home country ranks ]

Stock of direct foreign investment - abroad:
$714.4 billion (31 December 2013 est.)
country comparison to the world: 12

$710.2 billion (31 December 2012 est.)
[see also: Stock of direct foreign investment - abroad country ranks ]

Exchange rates:
euros (EUR) per US dollar -

0.7634 (2013 est.)
0.7752 (2012 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 2015 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Spain Economy 2015 information contained here. All suggestions for corrections of any errors about Spain Economy 2015 should be addressed to the CIA.



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