Overview: The economy has done well since Spain joined the European Economic Community in 1986. With an estimated 5.5% increase in real GDP in 1987, economic growth was double the average for the EEC. Increased investment (up 14.4%) was the most important factor pushing the economic expansion. Inflation moderated to 5.3%, in line with efforts to move inflation down to the EEC average of 3.2%. The most serious economic problem facing Spain is an unemployment rate of 20.6%, the highest in Europe.

GNP: $288.3 billion, per capita $7,390; real growth rate 5.5% (1987)

Inflation rate (consumer prices): 5.3% (1987)

Unemployment rate: 20.6% (1987)

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

Exports: $34.2 billion (f.o.b., 1987); @m5commodities--foodstuffs, live animals, wood, footwear, machinery, chemicals; @m5partners--EC 64%, Switzerland 11%, US 8%, Middle East, Japan, Portugal

Imports: $49.1 billion (c.i.f., 1987); @m5commodities--petroleum, footwear, machinery, chemicals, grain, soybeans, coffee, tobacco, iron and steel, timber, cotton, transport equipment; @m5partners--EC 55%, Mexico 10%, US 8%, Middle East, USSR

External debt: $30.6 billion (1987)

Industrial production: growth rate 4.0% (1988 est.)

Electricity: 45,189,000 kW capacity; 149,565 million kWh produced, 3,810 kWh per capita (1988)

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

Agriculture: grains, citrus, fruits, vegetables, wine grapes; virtually self-sufficient in good crop years

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--114.69 (January 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 1989 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Spain Economy 1989 information contained here. All suggestions for corrections of any errors about Spain Economy 1989 should be addressed to the CIA.