| Economy | Spain |
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Economy - overview:
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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 0.1% in 2010, before turning positive in 2011, 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. By restricting severely spending, Madrid cut the deficit to 6.5% of GDP in 2011. 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):
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$1.411 trillion (2011 est.)
$1.4 trillion (2010 est.)
$1.402 trillion (2009 est.)
note: data are in 2011 US dollars |
GDP - per capita (PPP):
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$30,600 (2011 est.)
$30,400 (2010 est.)
$30,600 (2009 est.)
note: data are in 2011 US dollars |
GDP (official exchange rate):
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$1.537 trillion (2011 est.) |
GDP - real growth rate:
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0.8% (2011 est.)
-0.1% (2010 est.)
-3.7% (2009 est.) |
GDP - composition by sector:
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agriculture: 3.3%
industry: 25.8%
services: 70.9% (2011 est.) |
Investment (gross fixed):
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21.7% of GDP (2011 est.) |
Population below poverty line:
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19.8% (2005) |
Household income or consumption by percentage share:
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lowest 10%: 2.6%
highest 10%: 26.6% (2000) |
Distribution of family income - Gini index:
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32 (2005)
32.5 (1990) |
Inflation rate (consumer prices):
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3.1% (2011 est.)
2% (2010 est.) |
Central bank discount rate:
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1.75% (31 December 2010)
1.75% (31 December 2009)
note: this is the European Central Bank's rate on the marginal lending facility, which offers overnight credit to banks in the euro area |
Commercial bank prime lending rate:
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8.3% (31 December 2011 est.)
7.223% (31 December 2010 est.) |
Stock of money:
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$NA
note: see entry for the European Union for money supply in the euro area; the European Central Bank (ECB) controls monetary policy for the 16 members of the Economic and Monetary Union (EMU); individual members of the EMU do not control the quantity of money and quasi money circulating within their own borders |
Stock of money - per capita:
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void |
Stock of quasi money:
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$NA |
Stock of quasi money - per capita:
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void |
Stock of domestic credit:
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$3.683 trillion (31 December 2009 est.)
$3.451 trillion (31 December 2008 est.) |
Stock of domestic credit - per capita:
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78,773 USD per capita |
Stock of narrow money:
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$832.6 billion (31 December 2011 est.)
$811.2 billion (31 December 2010 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:
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$2.488 trillion (31 December 2011 est.)
$2.388 trillion (31 December 2010 est.) |
Labor force:
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23.13 million (2011 est.) |
Labor force participation rate:
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49.47 % of population |
Labor force - by occupation:
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agriculture: 4.2%
industry: 24%
services: 71.7% (2009 est.) |
Unemployment rate:
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20.8% (2011 est.)
20.1% (2010 est.) |
Unemployment, youth ages 15-24:
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total: 37.9%
male: 39.1%
female: 36.4% (2009) |
Budget:
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revenues: $561.6 billion
expenditures: $662.2 billion (2011 est.) |
Budget revenues per capita:
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12,012 USD per capita |
Taxes and other revenues:
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36.5% of GDP (2011 est.) |
Budget surplus (+) or deficit (-):
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-6.5% of GDP (2011 est.) |
Public debt:
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68.2% of GDP (2011 est.)
60.1% of GDP (2010 est.) |
Industries:
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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:
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2% (2011 est.) |
Electricity - production:
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275.1 billion kWh (2009 est.) |
Electricity - production per capita:
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5,884 kWh per capita |
Electricity - consumption:
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267.5 billion kWh (2008 est.) |
Electricity - consumption - per capita:
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5,722 kWh per capita |
Electricity - exports:
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14.86 billion kWh (2009 est.) |
Electricity - imports:
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8.104 billion kWh (2009 est.) |
Oil - production:
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29,970 bbl/day (2010 est.) |
Oil - production per capita:
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642 bbl/day per capita |
Oil - consumption:
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1.441 million bbl/day (2010 est.) |
Oil - consumption - per capita:
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11.25 bbl/year per capita |
Oil - exports:
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240,700 bbl/day (2009 est.) |
Oil - imports:
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1.584 million bbl/day (2009 est.) |
Oil - proved reserves:
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150 million bbl (1 January 2011 est.) |
Natural gas - production:
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48 million cu m (2010 est.) |
Natural gas - production per capita:
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2 cu m per capita |
Natural gas - consumption:
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35.82 billion cu m (2010 est.) |
Natural gas - consumption - per capita:
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767 cu m per capita |
Natural gas - exports:
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1.152 billion cu m (2010 est.) |
Natural gas - imports:
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36.71 billion cu m (2010 est.) |
Natural gas - proved reserves:
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2.548 billion cu m (1 January 2011 est.) |
Agriculture - products:
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grain, vegetables, olives, wine grapes, sugar beets, citrus; beef, pork, poultry, dairy products; fish |
Current account balance:
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-$60.9 billion (2011 est.)
-$64.34 billion (2010 est.) |
Current account balance - per capita:
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-1,302 USD per capita |
Exports:
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$330.6 billion (2011 est.)
$253 billion (2010 est.) |
Exports per capita:
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7,071 USD per capita |
Exports - commodities:
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machinery, motor vehicles; foodstuffs, pharmaceuticals, medicines, other consumer goods |
Exports - partners:
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France 18.7%, Germany 10.7%, Portugal 9.1%, Italy 9%, UK 6.3% (2010) |
Imports:
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$384.6 billion (2011 est.)
$315.3 billion (2010 est.) |
Imports per capita:
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8,226 USD per capita |
Imports - commodities:
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machinery and equipment, fuels, chemicals, semifinished goods, foodstuffs, consumer goods, measuring and medical control instruments |
Imports - partners:
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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:
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$31.91 billion (31 December 2010 est.)
$28.2 billion (31 December 2009 est.) |
Reserves of foreign exchange and gold - per capita:
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683 USD per capita |
Debt - external:
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$2.57 trillion (30 June 2011)
$2.166 trillion (30 June 2010) |
Debt - external - per capita:
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54,968 USD per capita |
Stock of direct foreign investment - at home:
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$634.2 billion (31 December 2011 est.)
$614.5 billion (31 December 2010 est.) |
Stock of direct foreign investment - at home - per capita:
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13,565 USD per capita |
Stock of direct foreign investment - abroad:
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$678.7 billion (31 December 2011 est.)
$660.2 billion (31 December 2010 est.) |
Stock of direct foreign investment - abroad - per capita:
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14,517 USD per capita |
Market value of publicly traded shares:
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$1.172 trillion (31 December 2010)
$1.297 trillion (31 December 2009)
$946.1 billion (31 December 2008) |
Market value of publicly traded shares - per capita:
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25,067 USD per capita |
Currency (code):
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euro (EUR) |
Exchange rates:
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euros (EUR) per US dollar -
0.7107 (2011 est.)
0.755 (2010 est.)
0.7198 (2009 est.)
0.6827 (2008 est.)
0.7345 (2007 est.) |
Fiscal year:
|
calendar year |
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