Overview: After the economic boom of 1986-90, the Spanish economy fell into recession along with the economies of other EU member states. Real GDP barely grew in 1992 and declined by approximately 1% in 1993. Unemployment, now nearly one-fourth of the workforce, and the sharp downturn in business investment have contributed to sagging domestic demand. Devaluation of the peseta since September 1992 has made Spanish exports more competitive, but an export-led recovery in 1994 will depend largely on economic recovery in Spain's major market - the other EU nations. A solid recovery will also require appropriate domestic policy actions, including controlling the budget deficit and wage increases, reforming labor market regulations, and possibly loosening monetary policy another notch. Foreign investors, principally from other EU countries, have invested over $60 billion in Spain since 1986. Despite the recession, inflation remained at about 5% in 1993. The main source of inflationary pressure is the fiscal deficit.

National product: GDP - purchasing power equivalent - $498 billion (1993)

National product real growth rate: -1% (1993)

National product per capita: $12,700 (1993)

Inflation rate (consumer prices): 4.5% (1993 est.)

Unemployment rate: 22% (yearend 1993)

Budget:
revenues: $97.7 billion
expenditures: $128 billion, including capital expenditures of $NA (1993 est.)

Exports: $72.8 billion (f.o.b., 1993)
commodities: cars and trucks, semifinished manufactured goods, foodstuffs, machinery
partners: EC 71.2%, US 4.8%, other developed countries 7.9% (1992)

Imports: $92.5 billion (c.i.f., 1993)
commodities: machinery, transport equipment, fuels, semifinished goods, foodstuffs, consumer goods, chemicals
partners: EC 60.7%, US 7.4%, other developed countries 11.5%, Middle East 5.9% (1992)

External debt: $90 billion (1993 est.)

Industrial production: growth rate -1.7% (1992)

Electricity:
capacity: 46,600,000 kW
production: 157 billion kWh
consumption per capita: 4,000 kWh (1992)

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

Agriculture: accounts for about 5% of GDP 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

Illicit drugs: key European gateway country for Latin American cocaine and North African hashish entering the European market

Economic aid:
recipient: US commitments, including Ex-Im (FY70-87), $1.9 billion; Western (non-US) countries, ODA and OOF bilateral commitments (1970-79), $545 million
note: not currently a recipient

Currency: 1 peseta (Pta) = 100 centimos
Exchange rates: pesetas (Ptas) per US$1 - 136.6 (May 1994), 127.26 (1993), 102.38 (1992), 103.91 (1991), 101.93 (1990), 118.38 (1989)

Fiscal year: calendar year

NOTE: The information regarding Spain on this page is re-published from the 1995 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Spain Economy 1995 information contained here. All suggestions for corrections of any errors about Spain Economy 1995 should be addressed to the CIA.