Economy Of Spain
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Economy overview
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Spain's mixed capitalist economy supports a GDP that on a per capita basis is 80% that of the four leading West European economies. The center-right government of former President 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 11.7%. Growth of 2.4% in 2003 was satisfactory given the background of a faltering European economy. Incoming President RODRIGUEZ ZAPATERO, whose party won the election three days after the Madrid train bombings in March, plans to reduce government intervention in business, combat tax fraud, and support innovation, research and development, but also intends to reintroduce labor market regulations that had been scraped by the AZNAR government. Adjusting to the monetary and other economic policies of an integrated Europe - and reducing unemployment - will pose challenges to Spain over the next few years.
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GDP
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purchasing power parity - $885.5 billion (2004 est.)
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GDP - real growth rate
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2.4% (2004 est.)
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GDP - per capita
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purchasing power parity - $22,000 (2004 est.)
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GDP - composition by sector
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agriculture: 3.6%
industry: 28.6%
services: 67.8% (2004 est.)
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Investment gross fixed
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25.6% of GDP (2004 est.)
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Population below poverty line
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NA
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Household income or consumption by percentage share
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lowest 10%: 2.8%
highest 10%: 25.2% (1990)
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Distribution of family income - Gini index
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32.5 (1990)
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Inflation rate consumer prices
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3% (2004 est.)
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Labor force
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18.82 million (2004 est.)
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Labor force by occupation
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agriculture 7%, manufacturing, mining, and construction 29%, services 64% (2001 est.)
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Unemployment rate
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11.3% (2004 est.)
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Budget
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revenues: $330.7 billion
expenditures: $335.3 billion, including capital expenditures of $12.8 billion (2004 est.)
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Public debt
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62.7% of GDP (2004 est.)
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Agriculture products
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grain, vegetables, olives, wine grapes, sugar beets, citrus; beef, pork, poultry, dairy products; fish
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Industries
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textiles and apparel (including footwear), food and beverages, metals and metal manufactures, chemicals, shipbuilding, automobiles, machine tools, tourism
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Industrial production growth rate
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1.6% (2004 est.)
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Electricity production
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222.5 billion kWh (2001)
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Electricity production by source
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fossil fuel: 50.4%
hydro: 18.2%
other: 4.1% (2001)
nuclear: 27.2%
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Electricity consumption
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210.4 billion kWh (2001)
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Electricity exports
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4.138 billion kWh (2001)
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Electricity imports
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7.588 billion kWh (2001)
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Oil production
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7,099 bbl/day (2001 est.)
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Oil consumption
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1.497 million bbl/day (2001 est.)
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Oil exports
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135,100 bbl/day (2001)
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Oil imports
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1.582 million bbl/day (2001)
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Oil proved reserves
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10.5 million bbl (1 January 2002)
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Natural gas production
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516 million cu m (2001 est.)
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Natural gas consumption
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17.96 billion cu m (2001 est.)
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Natural gas exports
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0 cu m (2001 est.)
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Natural gas imports
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17.26 billion cu m (2001 est.)
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Natural gas proved reserves
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254.9 million cu m (1 January 2002)
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Current account balance
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$-23.77 billion (2004 est.)
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Exports
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$159.4 billion f.o.b. (2004 est.)
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Exports commodities
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machinery, motor vehicles; foodstuffs, other consumer goods
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Exports partners
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France 19.2%, Germany 11.9%, Italy 9.7%, UK 9.4%, Portugal 9.3%, US 4.2% (2003)
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Imports
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$197.1 billion f.o.b. (2003 est.)
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Imports commodities
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machinery and equipment, fuels, chemicals, semifinished goods; foodstuffs, consumer goods
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Imports partners
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France 16.8%, Germany 16.6%, Italy 8.8%, UK 6.5%, Netherlands 4.9% (2003)
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Reserves of foreign exchange gold
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$26.81 billion (2004 est.)
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Debt external
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$718.4 billion (2004 est.)
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Economic aid recipient
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Currency
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euro (EUR)
note: on 1 January 1999, the European Monetary Union introduced the euro as a common currency to be used by the financial institutions of member countries; on 1 January 2002, the euro became the sole currency for everyday transactions with the member countries
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Currency code
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EUR
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Exchange rates
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euros per US dollar - 0.886 (2003), 1.0626 (2002), 1.1175 (2001), 1.0854 (2000), 0.9386 (1999)
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Fiscal year
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calendar year
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This information was reproduced in part from the CIA World Fact book.
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