Spain

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Economics

Economy - overview

Spain's mixed capitalist economy is the 13th 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 0.2% in 2010, making Spain the last major economy to emerge from the global recession. The reversal in Spain's economic growth reflected a significant decline in construction amid an oversupply of housing and falling consumer spending, while exports actually have begun to grow. 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 9.2% 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 oversaw a restructuring of the savings bank sector in 2010, and provided some $15 billion in capital to various institutions. 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):

$1.369 trillion (2010 est.)

country comparison to the world: 14

$1.371 trillion (2009 est.)

$1.424 trillion (2008 est.)

note: data are in 2010 US dollars

 

GDP (official exchange rate):

$1.41 trillion (2010 est.)

 

GDP - real growth rate:

-0.1% (2010 est.)

country comparison to the world: 190

-3.7% (2009 est.)

0.9% (2008 est.)

 

GDP - per capita (PPP):

$29,400 (2010 est.)

country comparison to the world: 48

$29,600 (2009 est.)

$31,000 (2008 est.)

note: data are in 2010 US dollars

 

GDP - composition by sector:

agriculture: 3.3%

industry: 26%

services: 70.7% (2010 est.)

 

Labor force:

23.09 million (2010 est.)

country comparison to the world: 28

 

Labor force - by occupation:

agriculture: 4.2%

industry: 24%

services: 71.7% (2009 est.)

 

Unemployment rate:

20.1% (2010 est.)

country comparison to the world: 166

18% (2009 est.)

 

Population below poverty line:

19.8% (2005)

 

Household income or consumption by percentage share:

lowest 10%: 2.6%

highest 10%: 26.6% (2000)

Distribution of family income - Gini index:

33.9 (2010)*

 

Investment (gross fixed):

22.5% of GDP (2010 est.)

country comparison to the world: 82

 

Budget:

revenues: $503.8 billion

expenditures: $634.2 billion (2010 est.)

 

Taxes and other revenues:

35.7% of GDP (2010 est.)

country comparison to the world: 63

 

Budget surplus (+) or deficit (-):

-9.3% of GDP (2010 est.)

country comparison to the world: 194

 

Public debt:

60.1% of GDP (2010 est.)

country comparison to the world: 35

53.3% of GDP (2009 est.)

 

Inflation rate (consumer prices):

2% (2010 est.)

country comparison to the world: 64

-0.2% (2009 est.)

 

Central bank discount rate:

1.75% (31 December 2010)

country comparison to the world: 123

1.75% (31 December 2009)

note: this is the European Central Bank's rate on the marginal lending facility, which offers overnight credit to banks in the euro area

 

Commercial bank prime lending rate:

7.223% (31 December 2010 est.)

country comparison to the world: 142

6.964% (31 December 2009 est.)

 

Stock of narrow money:

$811.2 billion (31 December 2010 est.)

country comparison to the world: 8

$881.3 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 17 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

 

Stock of broad money:

$2.388 trillion (31 December 2010 est.)

country comparison to the world: 7

$2.522 trillion (31 December 2009 est.)

 

Stock of domestic credit:

$3.683 trillion (31 December 2009 est.)

country comparison to the world: 8

$3.451 trillion (31 December 2008 est.)

 

Market value of publicly traded shares:

$1.172 trillion (31 December 2010)

country comparison to the world: 10

$1.297 trillion (31 December 2009)

$946.1 billion (31 December 2008)

 

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:

0.8% (2010 est.)

country comparison to the world: 148

 

Electricity - production:

275.1 billion kWh (2009 est.)

country comparison to the world: 13

 

Electricity - consumption:

267.5 billion kWh (2008 est.)

country comparison to the world: 14

 

Electricity - exports:

14.86 billion kWh (2009 est.)

 

Electricity - imports:

8.104 billion kWh (2009 est.)

 

Oil - production:

29,970 bbl/day (2010 est.)

country comparison to the world: 70

 

Oil - consumption:

1.441 million bbl/day (2010 est.)

country comparison to the world: 17

 

Oil - exports:

240,700 bbl/day (2009 est.)

country comparison to the world: 49

Oil - imports:

1.584 million bbl/day (2009 est.)

country comparison to the world: 12

Oil - proved reserves:

150 million bbl (1 January 2011 est.)

country comparison to the world: 63

 

Natural gas - production:

48 million cu m (2010 est.)

country comparison to the world: 84

 

Natural gas - consumption:

35.82 billion cu m (2010 est.)

country comparison to the world: 26

 

Natural gas - exports:

1.152 billion cu m (2010 est.)

country comparison to the world: 36

 

Natural gas - imports:

36.71 billion cu m (2010 est.)

country comparison to the world: 10

 

Natural gas - proved reserves:

2.548 billion cu m (1 January 2011 est.)

country comparison to the world: 96

 

Current account balance:

-$63.65 billion (2010 est.)

country comparison to the world: 195

-$75.31 billion (2009 est.)

 

Exports:

$253 billion (2010 est.)

country comparison to the world: 19

$228.7 billion (2009 est.)

 

Exports - commodities:

machinery, motor vehicles; foodstuffs, pharmaceuticals, medicines, other consumer goods

 

Exports - partners:

France 18.7%, Germany 10.7%, Portugal 9.1%, Italy 9%, UK 6.3% (2010)

 

Imports:

$315.3 billion (2010 est.)

country comparison to the world: 14

$287.7 billion (2009 est.)

 

Imports - commodities:

machinery and equipment, fuels, chemicals, semifinished goods, foodstuffs, consumer goods, measuring and medical control instruments

 

Imports - partners:

Germany 12.6%, France 11.5%, Italy 7.3%, China 6.8%, Netherlands 5.6%, UK 4.9% (2010)

 

Reserves of foreign exchange and gold:

$31.91 billion (31 December 2010 est.)

country comparison to the world: 46

$28.2 billion (31 December 2009 est.)

 

Debt - external:

$2.57 trillion (30 June 2011)

country comparison to the world: 8

$2.166 trillion (30 June 2010)

 

Stock of direct foreign investment - at home:

$614.5 billion (31 December 2010 est.)

country comparison to the world: 7

$634.9 billion (31 December 2009 est.)

 

Stock of direct foreign investment - abroad:

$660.2 billion (31 December 2010 est.)

country comparison to the world: 10

$648.5 billion (31 December 2009 est.)

 

Exchange rates:

euros (EUR) per US dollar -

0.755 (2010)

0.7198 (2009)

0.6827 (2008)

0.7345 (2007)

0.7964 (2006)

 

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Source*: http://epp.eurostat.ec.europa.eu