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):
$1.778 trillion (2017 est.)
$1.727 trillion (2016 est.)
$1.674 trillion (2015 est.)
note: data are in 2017 dollars
country comparison to the world (CIA rank, may be based on non-current data): 15
[see also: GDP country ranks ]

GDP (official exchange rate):
$1.314 trillion (2017 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
3% (2017 est.)
3.2% (2016 est.)
3.6% (2015 est.)
country comparison to the world (CIA rank, may be based on non-current data): 116
[see also: GDP - real growth rate country ranks ]

GDP - per capita (PPP):
$38,400 (2017 est.)
$37,200 (2016 est.)
$36,100 (2015 est.)
note: data are in 2017 dollars
country comparison to the world (CIA rank, may be based on non-current data): 49
[see also: GDP - per capita country ranks ]

Gross national saving:
23% of GDP (2017 est.)
22.4% of GDP (2016 est.)
21.5% of GDP (2015 est.)
country comparison to the world (CIA rank, may be based on non-current data): 76
[see also: Gross national saving country ranks ]

GDP - composition, by end use:
household consumption: 57.7% (2017 est.)
[see also: GDP - composition, by end use - household consumption country ranks ]
government consumption: 18.5% (2017 est.)
[see also: GDP - composition, by end use - government consumption country ranks ]
investment in fixed capital: 20.6% (2017 est.)
[see also: GDP - composition, by end use - investment in fixed capital country ranks ]
investment in inventories: 0.6% (2017 est.)
[see also: GDP - composition, by end use - investment in inventories country ranks ]
exports of goods and services: 34.1% (2017 est.)
[see also: GDP - composition, by end use - exports of goods and services country ranks ]
imports of goods and services: -31.4% (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% (2017 est.)
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 23.2% (2017 est.)
[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:
4% (2017 est.)
country comparison to the world (CIA rank, may be based on non-current data): 76
[see also: Industrial production growth rate country ranks ]

Labor force:
22.75 million (2017 est.)
country comparison to the world (CIA rank, may be based on non-current data): 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)
[see also: Labor force - by occupation - services country ranks ]

Unemployment rate:
17.2% (2017 est.)
19.6% (2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 179
[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)
[see also: Household income or consumption by percentage share - highest 10% country ranks ]

Distribution of family income - Gini index:
35.9 (2012)
32 (2005)
country comparison to the world (CIA rank, may be based on non-current data): 93
[see also: Distribution of family income - Gini index country ranks ]

Budget:
revenues: 498.1 billion (2017 est.)
[see also: Budget - revenues country ranks ]
expenditures: 539 billion (2017 est.)
[see also: Budget - expenditures country ranks ]

Taxes and other revenues:
37.9% (of GDP) (2017 est.)
country comparison to the world (CIA rank, may be based on non-current data): 52
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-3.1% (of GDP) (2017 est.)
country comparison to the world (CIA rank, may be based on non-current data): 136
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
98.4% of GDP (2017 est.)
99% of GDP (2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 18
[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 (CIA rank, may be based on non-current data): 107
[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 (CIA rank, may be based on non-current data): 146
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
2.03% (31 December 2017 est.)
2.19% (31 December 2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 184
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$1.088 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 (CIA rank, may be based on non-current data): 7
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$1.088 trillion (31 December 2017 est.)
$841.6 billion (31 December 2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 7
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$2.491 trillion (31 December 2017 est.)
$2.21 trillion (31 December 2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 10
[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 (CIA rank, may be based on non-current data): 15
[see also: Market value of publicly traded shares country ranks ]

Current account balance:
$24.74 billion (2017 est.)
$23.77 billion (2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 15
[see also: Current account balance country ranks ]

Exports:
$313.7 billion (2017 est.)
$280.5 billion (2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 16
[see also: Exports country ranks ]

Exports - partners:
France 15.1%, Germany 11.3%, Italy 7.8%, Portugal 7.1%, UK 6.9%, US 4.4% (2017)

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

Imports:
$338.6 billion (2017 est.)
$300.2 billion (2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 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 14.2%, France 11.9%, China 6.9%, Italy 6.8%, Netherlands 5.1%, UK 4% (2017)

Reserves of foreign exchange and gold:
$69.41 billion (31 December 2017 est.)
$63.14 billion (31 December 2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 32
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$2.094 trillion (31 December 2017 est.)
$1.963 trillion (31 March 2015 est.)
country comparison to the world (CIA rank, may be based on non-current data): 10
[see also: Debt - external country ranks ]

Stock of direct foreign investment - at home:
$824.8 billion (31 December 2017 est.)
$739.7 billion (31 December 2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 13
[see also: Stock of direct foreign investment - at home country ranks ]

Stock of direct foreign investment - abroad:
$776.8 billion (31 December 2017 est.)
$696.9 billion (31 December 2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 14
[see also: Stock of direct foreign investment - abroad country ranks ]

Exchange rates:
euros (EUR) per US dollar -
0.885 (2017 est.)
0.903 (2016 est.)
0.9214 (2015 est.)
0.7525 (2014 est.)
0.7634 (2013 est.)