Economy - overview:
Spain's mixed capitalist economy supports a GDP that on a per capita basis is 80% that of the four leading West European economies. Its center-right government successfully worked to gain admission to the first group of countries launching the European single currency on 1 January 1999. The AZNAR administration has continued to advocate liberalization, privatization, and deregulation of the economy and has introduced some tax reforms to that end. Unemployment has been steadily falling under the AZNAR administration but remains high at 11.3%. The government intends to make further progress in changing labor laws and reforming pension schemes, which are key to the sustainability of both Spain's internal economic advances and its competitiveness in a single currency area. A general strike in mid-2002 reduced cooperation between labor and government. Adjusting to the monetary and other economic policies of an integrated Europe - and further reducing unemployment - will pose challenges to Spain over the next few years.
GDP:
purchasing power parity - $828 billion (2002 est.)
GDP - real growth rate:
2% (2002 est.)
GDP - per capita:
purchasing power parity - $20,700 (2002 est.)
GDP - composition by sector:
agriculture: 4%
industry: 31%
services: 65% (2000 est.)
Population below poverty line:
NA%
Household income or consumption by percentage share:
lowest 10%: 2.8%
highest 10%: 25.2% (1990)
Distribution of family income - Gini index:
32.5 (1990)
Inflation rate (consumer prices):
3% (2002 est.)
Labor force:
17.1 million (2001)
Labor force - by occupation:
services 64%, manufacturing, mining, and construction 29%, agriculture 7% (2001 est.)
Unemployment rate:
11.3% (2002 est.)
Budget:
revenues: $105 billion
expenditures: $109 billion, including capital expenditures of $12.8 billion (2000 est.)
Industries:
textiles and apparel (including footwear), food and beverages, metals and metal manufactures, chemicals, shipbuilding, automobiles, machine tools, tourism
Industrial production growth rate:
1.2% (2002 est.)
Electricity - production:
222.5 billion kWh (2001)
Electricity - production by source:
fossil fuel: 50.4%
hydro: 18.2%
other: 4.2% (2001)
nuclear: 27.2%
Electricity - consumption:
210.4 billion kWh (2001)
Electricity - exports:
4.138 billion kWh (2001)
Electricity - imports:
7.588 billion kWh (2001)
Oil - production:
7,099 bbl/day (2001 est.)
Oil - consumption:
1.497 million bbl/day (2001 est.)
Oil - exports:
135,100 bbl/day (2001)
Oil - imports:
1.582 million bbl/day (2001)
Oil - proved reserves:
10.5 million bbl (January 2002 est.)
Natural gas - proved reserves:
254.9 million cu m (January 2002 est.)
Agriculture - products:
grain, vegetables, olives, wine grapes, sugar beets, citrus; beef, pork, poultry, dairy products; fish
Exports:
$122.2 billion f.o.b. (2002 est.)
Exports - commodities:
machinery, motor vehicles; foodstuffs, other consumer goods
Exports - partners:
EU 71.3% (France 19.5%, Germany 11.8%, Portugal 10.0%, Italy 9.0%, UK 8.9%), Latin America 6.1%, US 4.4%, (2000)
Imports:
$156.6 billion f.o.b. (2002 est.)
Imports - commodities:
machinery and equipment, fuels, chemicals, semifinished goods; foodstuffs, consumer goods (1997)
Imports - partners:
EU 63.9% (France 16.8%, Germany 15.5%, Italy 9.1%, Benelux 7.3%, UK 7.0%), OPEC 7.3%, US 4.6%, Japan 2.5%, Latin America 4.2% (2000)
Debt - external:
$90 billion (1993 est.)
Economic aid - donor:
ODA, $1.33 billion (1999)
Currency:
euro (EUR)
note: on 1 January 1999, the European Monetary Union introduced the euro as a common currency to be used by the financial institutions of member countries; on 1 January 2002, the euro became the sole currency for everyday transactions with the member countries
Currency code:
EUR
Exchange rates:
euros per US dollar - 1.0626 (2002), 1.1175 (2001), 1.0854 (2000), 0.9386 (1999)
Fiscal year:
calendar year
NOTE: The information regarding Spain on this page is re-published from the 2003 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Guinea Geography 2003 information contained here. All suggestions for corrections of any errors about Spain Economy 2003 should be addressed to the CIA.
