Spain Economy - 2024

Economic overview

high-income core EU economy; diversified trade portfolio; continental tourism locale; high government spending and debt; prone to political financing corruption; negatively impacted by COVID-19; important port and customs infrastructure; key clothing/footwear supplier

Real GDP (purchasing power parity)

$1.798 trillion (2021 est.)
$1.704 trillion (2020 est.)
$1.921 trillion (2019 est.)

note: data are in 2017 dollars

Real GDP growth rate

5.52% (2021 est.)
-11.33% (2020 est.)
1.98% (2019 est.)

Real GDP per capita

$37,900 (2021 est.)
$36,000 (2020 est.)
$40,800 (2019 est.)

note: data are in 2017 dollars

GDP (official exchange rate)

$1,393,351,000,000 (2019 est.)

Inflation rate (consumer prices)

3.09% (2021 est.)
-0.32% (2020 est.)
0.7% (2019 est.)

Credit ratings

Fitch rating: A- (2018)

Moody's rating: Baa1 (2018)

Standard & Poors rating: A (2019)

note: The year refers to the year in which the current credit rating was first obtained.

GDP - composition, by sector of origin

agriculture: 2.6% (2017 est.)

industry: 23.2% (2017 est.)

services: 74.2% (2017 est.)

GDP - composition, by end use

household consumption: 57.7% (2017 est.)

government consumption: 18.5% (2017 est.)

investment in fixed capital: 20.6% (2017 est.)

investment in inventories: 0.6% (2017 est.)

exports of goods and services: 34.1% (2017 est.)

imports of goods and services: -31.4% (2017 est.)

Agricultural products

barley, milk, wheat, olives, grapes, tomatoes, pork, maize, oranges, sugar beets

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

4.03% (2021 est.)

Labor force

23.382 million (2021 est.)

Unemployment rate

14.73% (2021 est.)
15.53% (2020 est.)
14.1% (2019 est.)

Youth unemployment rate (ages 15-24)

total: 36.9% (2021 est.)

male: 35.9%

female: 38.2%

Population below poverty line

20.7% (2018 est.)

Gini Index coefficient - distribution of family income

34.3 (2019 est.)

Average household expenditures

on food: 12.1% of household expenditures (2018 est.)

on alcohol and tobacco: 3.5% of household expenditures (2018 est.)

Household income or consumption by percentage share

lowest 10%: 2.5%

highest 10%: 24% (2011)

Remittances

0.28% of GDP (2021 est.)
0.23% of GDP (2020 est.)
0.23% of GDP (2019 est.)

Budget

revenues: $546.084 billion (2019 est.)

expenditures: $585.979 billion (2019 est.)

Budget surplus (+) or deficit (-)

-3.1% (of GDP) (2017 est.)

Public debt

141.22% of GDP (2020 est.)
108.99% of GDP (2019 est.)
104.74% of GDP (2018 est.)

Taxes and other revenues

13.58% (of GDP) (2020 est.)

Fiscal year

calendar year

Current account balance

$13.445 billion (2021 est.)
$8.045 billion (2020 est.)
$29.247 billion (2019 est.)

Exports

$497.868 billion (2021 est.) ; note: data are in current year dollars
$393.774 billion (2020 est.) ; note: data are in current year dollars
$486.633 billion (2019 est.) ; note: data are in current year dollars

Exports - partners

France 15%, Germany 11%, Italy 8%, Portugal 8%, United Kingdom 7%, United States 5% (2019)

Exports - commodities

cars and vehicle parts, refined petroleum, packaged medicines, delivery trucks, clothing and apparel (2019)

Imports

$476.678 billion (2021 est.) note: data are in current year dollars
$375.087 billion (2020 est.) note: data are in current year dollars
$445.719 billion (2019 est.) note: data are in current year dollars

Imports - partners

Germany 13%, France 11%, China 8%, Italy 7% (2019)

Imports - commodities

crude petroleum, cars and vehicle parts, packaged medicines, natural gas, refined petroleum (2019)

Reserves of foreign exchange and gold

$92.201 billion (31 December 2021 est.)
$81.288 billion (31 December 2020 est.)
$74.731 billion (31 December 2019 est.)

Debt - external

$2.338 trillion (2019 est.)
$2.366 trillion (2018 est.)

Exchange rates

euros (EUR) per US dollar -

Exchange rates:
0.845 (2021 est.)
0.876 (2020 est.)
0.893 (2019 est.)
0.847 (2018 est.)
0.885 (2017 est.)