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Spain Economy 2011
https://theodora.com/wfb2011/spain/spain_economy.html
SOURCE: 2011 CIA WORLD FACTBOOK AND OTHER SOURCES


















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Page last updated on January 12, 2011

Economy - overview:
Spain's mixed capitalist economy is the 12th largest in the world, and its per capita income roughly matches that of Germany and France. However, after almost 15 years of above average GDP growth, the Spanish economy began to slow in late 2007 and entered into a recession in the second quarter of 2008. GDP contracted by 3.7% in 2009, ending a 16-year growth trend, and by another 0.4% in 2010, making Spain the last major economy to emerge from the global recession. The reversal in Spain's economic growth reflects a significant decline in the construction sector, an oversupply of housing, falling consumer spending, and slumping exports. Government efforts to boost the economy through stimulus spending, extended unemployment benefits, and loan guarantees did not prevent a sharp rise in the unemployment rate, which rose from a low of about 8% in 2007 to 20% in 2010. The government budget deficit worsened from 3.8% of GDP in 2008 to about 9.7% of GDP in 2010, more than three times the euro-zone limit. Spain's large budget deficit and poor economic growth prospects have made it vulnerable to financial contagion from other highly-indebted euro zone members despite the government's efforts to cut spending, privatize industries, and boost competitiveness through labor market reforms. Spanish banks' high exposure to the collapsed domestic construction and real estate market also poses a continued risk for the sector. The government intervened in one regional savings bank in 2009, and investors remain concerned that Madrid may need to bail out more troubled banks. The Bank of Spain, however, is seeking to boost confidence in the financial sector by pressuring banks to come clean about their losses and consolidate into stronger groups.

GDP (purchasing power parity):
$1.374 trillion (2010 est.)
country comparison to the world: 14

$1.379 trillion (2009 est.)
$1.432 trillion (2008 est.)
note: data are in 2010 US dollars
[see also: GDP (purchasing power parity) country ranks ]

GDP (official exchange rate):
$1.375 trillion (2009 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
-0.4% (2010 est.)
country comparison to the world: 193

-3.7% (2009 est.)
0.9% (2008 est.)
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$29,500 (2010 est.)
country comparison to the world: 48

$29,800 (2009 est.)
$31,200 (2008 est.)
note: data are in 2010 US dollars
[see also: GDP - per capita country ranks ]

GDP - composition by sector:
agriculture: 2.9%
[see also: GDP - composition by sector - agriculture country ranks ]
industry: 25.5%
[see also: GDP - composition by sector - industry country ranks ]
services: 71.6% (2009 est.)
[see also: GDP - composition by sector - services country ranks ]

Labor force:
22.96 million (2009 est.)
country comparison to the world: 27
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 4.2%
[see also: Labor force - by occupation - agriculture country ranks ]
industry: 24%
[see also: Labor force - by occupation - industry country ranks ]
services: 71.7% (2009 est.)
[see also: Labor force - by occupation - services country ranks ]

Unemployment rate:
20% (2010 est.)
country comparison to the world: 168

18.1% (2009 est.)
[see also: Unemployment rate country ranks ]

Population below poverty line:
19.8% (2005)
[see also: Population below poverty line country ranks ]

Household income or consumption by percentage share:
lowest 10%: 2.6%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: 26.6% (2000)
[see also: Household income or consumption by percentage share - highest 10% country ranks ]

Distribution of family income - Gini index:
32 (2005)
country comparison to the world: 102

32.5 (1990)
[see also: Distribution of family income - Gini index country ranks ]

Investment (gross fixed):
22.9% of GDP (2009 est.)
country comparison to the world: 56
[see also: Investment (gross fixed) country ranks ]

Budget:
revenues: $515.8 billion
[see also: Budget - revenues country ranks ]
expenditures: $648.6 billion (2009 est.)
[see also: Budget - expenditures country ranks ]

Public debt:
63.4% of GDP (2010 est.)
country comparison to the world: 27

53.2% of GDP (2009 est.)
[see also: Public debt country ranks ]

Inflation rate (consumer prices):
1.3% (2010 est.)
country comparison to the world: 30

-0.3% (2009 est.)
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
1.75% (31 December 2009)
country comparison to the world: 122

3% (31 December 2008)
note: this is the European Central Bank's rate on the marginal lending facility, which offers overnight credit to banks in the euro area
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
10.72% (31 December 2009 est.)
country comparison to the world: 82

11.02% (31 December 2008 est.)
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$849.2 billion (31 December 2010 est)

$856.5 billion (31 December 2009 est)
note: see entry for the European Union for money supply in the euro area; the European Central Bank (ECB) controls monetary policy for the 16 members of the Economic and Monetary Union (EMU); individual members of the EMU do not control the quantity of money circulating within their own borders
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$2.264 trillion (31 December 2010 est.)

$2.451 trillion (31 December 2009 est.)
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$3.683 trillion (31 December 2009 est.)
country comparison to the world: 8

$3.451 trillion (31 December 2008 est.)
[see also: Stock of domestic credit country ranks ]

Market value of publicly traded shares:
$1.297 trillion (31 December 2009)
country comparison to the world: 11

$946.1 billion (31 December 2008)
$1.8 trillion (31 December 2007)
[see also: Market value of publicly traded shares country ranks ]

Agriculture - products:
grain, vegetables, olives, wine grapes, sugar beets, citrus; beef, pork, poultry, dairy products; fish

Industries:
textiles and apparel (including footwear), food and beverages, metals and metal manufactures, chemicals, shipbuilding, automobiles, machine tools, tourism, clay and refractory products, footwear, pharmaceuticals, medical equipment

Industrial production growth rate:
-2% (2009 est.)
country comparison to the world: 162
[see also: Industrial production growth rate country ranks ]

Electricity - production:
300.5 billion kWh (2008 est.)
country comparison to the world: 13
[see also: Electricity - production country ranks ]

Electricity - consumption:
276.1 billion kWh (2008 est.)
country comparison to the world: 14
[see also: Electricity - consumption country ranks ]

Electricity - exports:
16.92 billion kWh (2008 est.)
[see also: Electricity - exports country ranks ]

Electricity - imports:
5.88 billion kWh (2008 est.)
[see also: Electricity - imports country ranks ]

Oil - production:
27,230 bbl/day (2009 est.)
country comparison to the world: 71
[see also: Oil - production country ranks ]

Oil - consumption:
1.482 million bbl/day (2009 est.)
country comparison to the world: 17
[see also: Oil - consumption country ranks ]

Oil - exports:
218,600 bbl/day (2008 est.)
country comparison to the world: 53
[see also: Oil - exports country ranks ]

Oil - imports:
1.716 million bbl/day (2008 est.)
country comparison to the world: 12
[see also: Oil - imports country ranks ]

Oil - proved reserves:
150 million bbl (1 January 2010 est.)
country comparison to the world: 64
[see also: Oil - proved reserves country ranks ]

Natural gas - production:
13 million cu m (2009 est.)
country comparison to the world: 90
[see also: Natural gas - production country ranks ]

Natural gas - consumption:
33.88 billion cu m (2009 est.)
country comparison to the world: 26
[see also: Natural gas - consumption country ranks ]

Natural gas - exports:
975 million cu m (2009 est.)
country comparison to the world: 35
[see also: Natural gas - exports country ranks ]

Natural gas - imports:
34.67 billion cu m (2009 est.)
country comparison to the world: 9
[see also: Natural gas - imports country ranks ]

Natural gas - proved reserves:
2.548 billion cu m (1 January 2010 est.)
country comparison to the world: 95
[see also: Natural gas - proved reserves country ranks ]

Current account balance:
-$66.74 billion (2010 est.)
country comparison to the world: 189

-$80.38 billion (2009 est.)
[see also: Current account balance country ranks ]

Exports:
$268.3 billion (2010 est.)
country comparison to the world: 18

$224 billion (2009 est.)
[see also: Exports country ranks ]

Exports - commodities:
machinery, motor vehicles; foodstuffs, pharmaceuticals, medicines, other consumer goods

Exports - partners:
France 19.27%, Germany 11.11%, Portugal 9.21%, Italy 8.24%, UK 6.18% (2009)

Imports:
$324.6 billion (2010 est.)
country comparison to the world: 14

$286.8 billion (2009 est.)
[see also: Imports country ranks ]

Imports - commodities:
machinery and equipment, fuels, chemicals, semifinished goods, foodstuffs, consumer goods, measuring and medical control instruments

Imports - partners:
Germany 15.02%, France 12.82%, Italy 7.17%, China 5.8%, Netherlands 5.22%, UK 4.7% (2009)

Reserves of foreign exchange and gold:
$NA (31 December 2010 est.)

$28.2 billion (31 December 2009 est.)
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$2.166 trillion (30 June 2010)
country comparison to the world: 9

$2.317 trillion (31 December 2008)
[see also: Debt - external country ranks ]

Stock of direct foreign investment - at home:
$668.5 billion (31 December 2010 est.)
country comparison to the world: 8

$664 billion (31 December 2009 est.)
[see also: Stock of direct foreign investment - at home country ranks ]

Stock of direct foreign investment - abroad:
$641 billion (31 December 2010 est.)
country comparison to the world: 9

$634.4 billion (31 December 2009 est.)
[see also: Stock of direct foreign investment - abroad country ranks ]

Exchange rates:
euros (EUR) per US dollar - 0.7715 (2010), 0.7179 (2009), 0.6827 (2008), 0.7345 (2007), 0.7964 (2006)


NOTE: The information regarding Spain on this page is re-published from the 2011 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Spain Economy 2011 information contained here. All suggestions for corrections of any errors about Spain Economy 2011 should be addressed to the CIA.



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This page was last modified 09-Feb-11
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