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Spain Economy 1996

Overview:

Spain, with a per capita output approximately two-thirds that of the four leading economies of Western Europe, has shared with these countries the recession of the early 1990s and the upturn of their economic fortunes in 1994. But whereas unemployment in these countries has hovered just above 10%, Spain has been forced to cope with a 25% unemployment rate. Continued political turmoil has complicated the establishment of stable government policies toward budgetary restraint, interest rates, labor law reform, and Spain's role in the evolving economic integration of Western Europe. Because the recession has been so deep, the growth in industrial output, tourism, and other sectors in 1994, while welcome, falls far short of the growth required to bring unemployment down to, say, 10%. The recovery in the economies of major trade partners, the comparatively low inflation rate, lower interest rates, and prospects in the tourist sector suggest that Spain can make substantial progress in 1995.

National product:

GDP - purchasing power parity - $515.8 billion (1994 est.)

National product real growth rate:

1.8% (1994 est.)

National product per capita:

$13,120 (1994 est.)

Inflation rate (consumer prices):

4.9% (1994)

Unemployment rate:

24.5% (yearend 1994)

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 4% (1994 est.)

Electricity:

capacity:

43,800,000 kW

production:

148 billion kWh

consumption per capita:

3,545 kWh (1993)

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; transshipment point for Southwest Asian heroin

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 - 132.61 (January 1995), 133.96 (1994), 127.26 (1993), 102.38 (1992), 103.91 (1991), 101.93 (1990)

Fiscal year:

calendar year

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