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Spain:
Economy

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Economy - overview
Definition
The Spanish economy boomed from 1986 to 1990 averaging 5% annual growth. After a European-wide recession in the early 1990s, the Spanish economy resumed moderate growth starting in 1994. Spain's mixed capitalist economy supports a GDP that on a per capita basis is equal to that of the leading West European economies. The center-right government of former President Jose Maria AZNAR successfully worked to gain admission to the first group of countries launching the European single currency (the euro) on 1 January 1999. The AZNAR administration continued to advocate liberalization, privatization, and deregulation of the economy and introduced some tax reforms to that end. Unemployment fell steadily under the AZNAR administration but remains high at 7.6%. Growth averaging more than 3% annually during 2003-07 was satisfactory given the background of a faltering European economy. The Socialist president, RODRIGUEZ ZAPATERO, has made mixed progress in carrying out key structural reforms, which need to be accelerated and deepened to sustain Spain's economic growth. Despite the economy's relative solid footing significant downside risks remain including Spain's continued loss of competitiveness, the potential for a housing market collapse, the country's changing demographic profile, and a decline in EU structural funds.
GDP (purchasing power parity)
Definition - World rank and map
$1.352 trillion (2007 est.)
GDP (official exchange rate)
Definition
$1.439 trillion (2007 est.)
GDP - real growth rate
Definition - World rank and map
3.8% (2007 est.)
GDP - per capita
Definition - World rank and map
$30,100 (2007 est.)
GDP - composition by sector
Definition
agriculture: 3.5%
industry: 29.8%
services: 66.6% (2007 est.)
Labor force
Definition
22.19 million (2007 est.)
Labor force - by occupation
Definition
agriculture: 5.3%
industry: 30.1%
services: 64.6% (2004 est.)
Unemployment rate
Definition - World rank and map
8.3% (2007 est.)
Population below poverty line
Definition
19.8% (2005)
Household income or consumption by percentage share
Definition
lowest 10%: 2.6%
highest 10%: 26.6% (2000)
Distribution of family income - Gini index
Definition - World rank and map
32 (2005)
Inflation rate (consumer prices)
Definition - World rank and map
2.8% (2007 est.)
Investment (gross fixed)
Definition - World rank and map
31.1% of GDP (2007 est.)
Budget
Definition
revenues: $589.2 billion
expenditures: $556.5 billion (2007 est.)
Public debt
Definition - World rank and map
35.2% of GDP (2007 est.)
Agriculture - products
Definition
grain, vegetables, olives, wine grapes, sugar beets, citrus; beef, pork, poultry, dairy products; fish
Industries
Definition
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
Definition - World rank and map
3% (2007 est.)
Electricity - production
Definition - World rank and map
270.3 billion kWh (2005)
Electricity - consumption
Definition - World rank and map
243 billion kWh (2005)
Electricity - consumption per capita
Definition - World rank and map
6,001.4 kWh (2005)
Electricity - exports
Definition
11.56 billion kWh (2005)
Electricity - imports
Definition
10.21 billion kWh (2005)
Oil - production
Definition - World rank and map
29,350 bbl/day (2005 est.)
Oil - consumption
Definition - World rank and map
1.6 million bbl/day (2005 est.)
Oil - consumption per 1,000 people
Definition - World rank and map
39.5 bbl/day (2005 est.)
Oil - exports
Definition - World rank and map
175,200 bbl/day (2004)
Oil - imports
Definition - World rank and map
1.714 million bbl/day (2004)
Oil - proved reserves
Definition - World rank and map
157.6 million bbl (1 January 2006 est.)
Natural gas - production
Definition - World rank and map
151.5 million cu m (2005 est.)
Natural gas - consumption
Definition - World rank and map
30.58 billion cu m (2005 est.)
Natural gas - consumption per capita
Definition - World rank and map
755 cu m (2005 est.)
Natural gas - exports
Definition - World rank and map
0 cu m (2005 est.)
Natural gas - imports
Definition - World rank and map
31.76 billion cu m (2005)
Natural gas - proved reserves
Definition - World rank and map
2.444 billion cu m (1 January 2006 est.)
Current account balance
Definition - World rank and map
-$145.6 billion (2007 est.)
Exports
Definition - World rank and map
$252.4 billion f.o.b. (2007 est.)
Exports - commodities
Definition
machinery, motor vehicles; foodstuffs, pharmaceuticals, medicines, other consumer goods
Exports - partners
Definition
France 18.8%, Germany 10.8%, Portugal 8.6%, Italy 8.5%, UK 7.6%, US 4.2% (2006)
Imports
Definition - World rank and map
$373.6 billion f.o.b. (2007 est.)
Imports - commodities
Definition
machinery and equipment, fuels, chemicals, semifinished goods, foodstuffs, consumer goods, measuring and medical control instruments
Imports - partners
Definition
Germany 15.7%, France 12.7%, Italy 8.4%, China 5.8%, UK 4.8%, Netherlands 4.6% (2006)
Reserves of foreign exchange and gold
Definition - World rank and map
$19.05 billion (31 December 2007 est.)
Debt - external
Definition - World rank and map
$2.047 trillion (30 June 2007 est.)
Stock of direct foreign investment - at home
Definition
$487.8 billion (2007 est.)
Stock of direct foreign investment - abroad
Definition
$613.9 billion (2007 est.)
Market value of publicly traded shares
Definition
$960 billion (2005)
Economic aid - donor
Definition
ODA, $3.814 billion (2006)
Currency (code)
Definition
euro (EUR)
Exchange rates
Definition
euros per US dollar - 0.7345 (2007), 0.7964 (2006), 0.8041 (2005), 0.8054 (2004), 0.886 (2003)
Fiscal year
Definition
calendar year


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