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Spain Economy 2018

SOURCE: 2018 CIA WORLD FACTBOOK AND OTHER SOURCES











Spain Economy 2018
SOURCE: 2018 CIA WORLD FACTBOOK AND OTHER SOURCES


Page last updated on February 28, 2018

Economy - overview:
After a prolonged recession that began in 2008 in the wake of the global financial crisis, Spain marked the fourth full year of positive economic growth in 2017, with economic activity surpassing its pre-crisis peak, largely because of increased private consumption. The financial crisis of 2008 broke 16 consecutive years of economic growth for Spain, leading to an economic contraction that lasted until late 2013. In that year, the government successfully shored up its struggling banking sector - heavily exposed to the collapse of Spain’s real estate boom - with the help of an EU-funded restructuring and recapitalization program.Until 2014, contraction in bank lending, fiscal austerity, and high unemployment constrained domestic consumption and investment. The unemployment rate rose from a low of about 8% in 2007 to more than 26% in 2013, but labor reforms prompted a modest reduction to 16.4% in 2017. High unemployment strained Spain's public finances, as spending on social benefits increased while tax revenues fell. Spain’s budget deficit peaked at 11.4% of GDP in 2010, but Spain gradually reduced the deficit to about 3.3% of GDP in 2017. Public debt has increased substantially – from 60.1% of GDP in 2010 to nearly 96.7% in 2017.Strong export growth helped bring Spain's current account into surplus in 2013 for the first time since 1986 and sustain Spain’s economic growth. Increasing labor productivity and an internal devaluation resulting from moderating labor costs and lower inflation have improved Spain’s export competitiveness and generated foreign investor interest in the economy, restoring FDI flows.In 2017, the Spanish Government’s minority status constrained its ability to implement controversial labor, pension, health care, tax, and education reforms. The European Commission expects the government to meet its 2017 budget deficit target and anticipates that expected economic growth in 2018 will help the government meet its deficit target. Spain’s borrowing costs are dramatically lower since their peak in mid-2012, and increased economic activity has generated a modest level of inflation, at 2% in 2017.

GDP (purchasing power parity):
$1.769 trillion (2017 est.) $1.716 trillion (2016 est.) $1.662 trillion (2015 est.)
note: data are in 2017 dollars
country comparison to the world: 17

GDP (official exchange rate):
$1.307 trillion (2016 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
3.1% (2017 est.) 3.2% (2016 est.) 3.2% (2015 est.)
country comparison to the world: 109
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$38,200 (2017 est.) $37,000 (2016 est.) $35,800 (2015 est.)
note: data are in 2017 dollars
country comparison to the world: 48

Gross national saving:
22.5% of GDP (2017 est.) 22.3% of GDP (2016 est.) 21.4% of GDP (2015 est.)
country comparison to the world: 71
[see also: Gross national saving country ranks ]

GDP - composition, by end use:
household consumption: 57.3%
[see also: GDP - composition, by end use - household consumption country ranks ]
government consumption: 18.5%
[see also: GDP - composition, by end use - government consumption country ranks ]
investment in fixed capital: 19.8%
[see also: GDP - composition, by end use - investment in fixed capital country ranks ]
investment in inventories: 0.4%
[see also: GDP - composition, by end use - investment in inventories country ranks ]
exports of goods and services: 34.2%
[see also: GDP - composition, by end use - exports of goods and services country ranks ]
imports of goods and services: -30.2% (2017 est.)
[see also: GDP - composition, by end use - imports of goods and services country ranks ]

GDP - composition, by sector of origin:
agriculture: 2.6%
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 23.2%
[see also: GDP - composition, by sector of origin - industry country ranks ]
services: 74.2% (2017 est.)
[see also: GDP - composition, by sector of origin - services 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:
2.6% (2017 est.)
country comparison to the world: 108
[see also: Industrial production growth rate country ranks ]

Labor force:
22.75 million (2017 est.)
country comparison to the world: 28
[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)
[see also: Labor force - by occupation - services country ranks ]

Unemployment rate:
17.1% (2017 est.) 19.6% (2016 est.)
country comparison to the world: 178
[see also: Unemployment rate country ranks ]

Population below poverty line:
21.1% (2012 est.)
[see also: Population below poverty line country ranks ]

Household income or consumption by percentage share:
lowest 10%: 2.5%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: 24% (2011)

Distribution of family income - Gini index:
35.9 (2012) 32 (2005)
country comparison to the world: 90
[see also: Distribution of family income - Gini index country ranks ]

Budget:
revenues: $492.4 billion
[see also: Budget - revenues country ranks ]
expenditures: $535.9 billion (2017 est.)
[see also: Budget - expenditures country ranks ]

Taxes and other revenues:
37.7% of GDP (2017 est.)
country comparison to the world: 46
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-3.3% of GDP (2017 est.)
country comparison to the world: 123
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
96.7% of GDP (2017 est.) 99.4% of GDP (2016 est.)
country comparison to the world: 19
[see also: Public debt country ranks ]

Fiscal year:
calendar year

Inflation rate (consumer prices):
2% (2017 est.) -0.2% (2016 est.)
country comparison to the world: 89
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
0.05% (10 September 2014) 0.25% (13 November 2013)
note: this is the European Central Bank's rate on the marginal lending facility, which offers overnight credit to banks in the euro area
country comparison to the world: 147
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
2.2% (31 December 2017 est.) 2.19% (31 December 2016 est.)
country comparison to the world: 176
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$1.082 trillion (31 December 2017 est.) $841.6 billion (31 December 2016 est.)
note: see entry for the European Union for money supply for the entire euro area; the European Central Bank (ECB) controls monetary policy for the 18 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
country comparison to the world: 8
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$1.337 trillion (31 December 2017 est.) $1.189 trillion (31 December 2016 est.)
country comparison to the world: 15
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$2.455 trillion (31 December 2017 est.) $2.21 trillion (31 December 2016 est.)
country comparison to the world: 11
[see also: Stock of domestic credit country ranks ]

Market value of publicly traded shares:
$787.2 billion (31 December 2015 est.) $992.9 billion (31 December 2014 est.) $1.117 trillion (31 December 2013 est.)
country comparison to the world: 15
[see also: Market value of publicly traded shares country ranks ]

Current account balance:
$24.3 billion (2017 est.) $23.76 billion (2016 est.)
country comparison to the world: 13
[see also: Current account balance country ranks ]

Exports:
$301.5 billion (2017 est.) $280.5 billion (2016 est.)
country comparison to the world: 20
[see also: Exports country ranks ]

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

Exports - partners:
France 15.2%, Germany 11.4%, Italy 7.8%, UK 7.6%, Portugal 7%, US 4.4% (2016)

Imports:
$333.4 billion (2017 est.) $300.3 billion (2016 est.)
country comparison to the world: 15
[see also: Imports country ranks ]

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

Imports - partners:
Germany 14.7%, France 12%, China 7.1%, Italy 6.7%, Netherlands 5.2%, UK 4.4% (2016)

Reserves of foreign exchange and gold:
$63.14 billion (31 December 2016 est.) $63.14 billion (31 December 2016 est.)
country comparison to the world: 33
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$2.094 trillion (31 March 2016 est.) $1.963 trillion (31 March 2015 est.)
country comparison to the world: 11
[see also: Debt - external country ranks ]

Stock of direct foreign investment - at home:
$772.1 billion (31 December 2017 est.) $739.7 billion (31 December 2016 est.)
country comparison to the world: 15
[see also: Stock of direct foreign investment - at home country ranks ]

Stock of direct foreign investment - abroad:
$752.4 billion (31 December 2017 est.) $696.9 billion (31 December 2016 est.)
country comparison to the world: 14
[see also: Stock of direct foreign investment - abroad country ranks ]

Exchange rates:
euros (EUR) per US dollar - 0.906 (2017 est.) 0.9214 (2016 est.) 0.9214 (2015 est.) 0.7525 (2014 est.) 0.7634 (2013 est.)


NOTE: 1) The information regarding Spain on this page is re-published from the 2018 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Spain Economy 2018 information contained here. All suggestions for corrections of any errors about Spain Economy 2018 should be addressed to the CIA.
2) The rank that you see is the CIA reported rank, which may habe the following issues:
  a) The assign increasing rank number, alphabetically for countries with the same value of the ranked item, whereas we assign them the same rank.
  b) The CIA sometimes assignes counterintuitive ranks. For example, it assigns unemployment rates in increasing order, whereas we rank them in decreasing order






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