Overview: This Western capitalistic economy has done well since Spain joined the European Economic Community in 1986. With increases in real GNP of 5.5% in 1987 and about 5% in 1988 and 1989, 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 an estimated 7% in 1989. Another economic problem facing Spain is an unemployment rate of 16.5%, the highest in Europe.

GNP: $398.7 billion, per capita $10,100; real growth rate 4.8% (1989 est.)

Inflation rate (consumer prices): 7.0% (1989 est.)

Unemployment rate: 16.5% (1989 est.)

Budget: revenues $57.8 billion; expenditures $66.7 billion, including capital expenditures of $10.4 billion (1987)

Exports: $40.2 billion (f.o.b., 1988); commodities--foodstuffs, live animals, wood, footwear, machinery, chemicals; partners--EC 66%, US 8%, other developed countries 9%

Imports: $60.4 billion (c.i.f., 1988); commodities--petroleum, footwear, machinery, chemicals, grain, soybeans, coffee, tobacco, iron and steel, timber, cotton, transport equipment; partners--EC 57%, US 9%, other developed countries 13%, Middle East 3%

External debt: $32.7 billion (1988)

Industrial production: growth rate 3.0% (1988)

Electricity: 46,589,000 kW capacity; 157,040 million kWh produced, 3,980 kWh per capita (1989)

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 among top 20 nations

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

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

Exchange rates: pesetas (Ptas) per US$1--109.69 (January 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 1990 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Spain Economy 1990 information contained here. All suggestions for corrections of any errors about Spain Economy 1990 should be addressed to the CIA.