Spain

Economics, Political, and Trade Overview

Source: Feb 10, 2022 Economist Intelligence Unit

Spain - In Short.

Overview of Spain

Spain’s powerful world empire of the 16th and 17th centuries ultimately yielded command of the seas to England. Subsequent failure to embrace the mercantile and industrial revolutions caused the country to fall behind Britain, France, and Germany in economic and political power. Spain remained neutral in World War I and II, but suffered through a devastating civil war (1936-39). A peaceful transition to democracy following the death of dictator Francisco FRANCO in 1975, and rapid economic modernization (Spain joined the EU in 1986) gave Spain a dynamic and rapidly growing economy, and made it a global champion of freedom and human rights. More recently, Spain has emerged from a severe economic recession that began in mid-2008, posting four straight years of GDP growth above the EU average. Unemployment has fallen, but remains high, especially among youth. Spain is the Eurozone’s fourth largest economy. The country has faced increased domestic turmoil in recent years due to the independence movement in its restive Catalonia region.
Value
Country Full Name
Spain
Country Code
ESP
Region
Europe & Central Asia
Income Group
High income
Currency Unit
GDP
1.28E+12
Population
47363419
Land Area
499603.479
Net National Income Per Capita
22515.86202
GDP per Capita (PPP)
37756.351

2020 GDP Growth Rate (Current USD)

2020 GDP Per Capita (Current USD)

2020 Urbanization Rate (%)

2020 Total Fertility Rate (Birth Per Woman)

Doing Business Score (100= Most Friendly)

Spain - Economic

Economy of Spain

After a prolonged recession that began in 2008 in the wake of the global financial crisis, Spain marked the fourth full year of positive economic growth in 2017, with economic activity surpassing its pre-crisis peak, largely because of increased private consumption. The financial crisis of 2008 broke 16 consecutive years of economic growth for Spain, leading to an economic contraction that lasted until late 2013. In that year, the government successfully shored up its struggling banking sector – heavily exposed to the collapse of Spain’s real estate boom – with the help of an EU-funded restructuring and recapitalization program.Until 2014, contraction in bank lending, fiscal austerity, and high unemployment constrained domestic consumption and investment. The unemployment rate rose from a low of about 8% in 2007 to more than 26% in 2013, but labor reforms prompted a modest reduction to 16.4% in 2017. High unemployment strained Spain’s public finances, as spending on social benefits increased while tax revenues fell. Spain’s budget deficit peaked at 11.4% of GDP in 2010, but Spain gradually reduced the deficit to about 3.3% of GDP in 2017. Public debt has increased substantially – from 60.1% of GDP in 2010 to nearly 96.7% in 2017.Strong export growth helped bring Spain’s current account into surplus in 2013 for the first time since 1986 and sustain Spain’s economic growth. Increasing labor productivity and an internal devaluation resulting from moderating labor costs and lower inflation have improved Spain’s export competitiveness and generated foreign investor interest in the economy, restoring FDI flows.In 2017, the Spanish Government’s minority status constrained its ability to implement controversial labor, pension, health care, tax, and education reforms. The European Commission expects the government to meet its 2017 budget deficit target and anticipates that expected economic growth in 2018 will help the government meet its deficit target. Spain’s borrowing costs are dramatically lower since their peak in mid-2012, and increased economic activity has generated a modest level of inflation, at 2% in 2017.

Unemployment Rate

Inflation Rate

Spain - GDP Composition

GDP Composiiton & Value Added of Spain

Last Updated: Jan, 2021, Updated For 2020.

Spain - GDP, Value Added

Demographics of Spain

with the notable exception of Madrid, Sevilla, and Zaragoza, the largest urban agglomerations are found along the Mediterranean and Atlantic coasts; numerous smaller cities are spread throughout the interior reflecting Spain’s agrarian heritage; very dense settlement around the capital of Madrid, as well as the port city of Barcelona
Geographic Location

Southwestern Europe, bordering the Mediterranean Sea, North Atlantic Ocean, Bay of Biscay, and Pyrenees Mountains; southwest of France

Races

Spanish 84.8%, Moroccan 1.7%, Romanian 1.2%, other 12.3% (2021 est.)note: data represent population by country of birth

Languages

Castilian Spanish (official nationwide) 74%, Catalan (official in Catalonia, the Balearic Islands, and the Valencian Community (where it is known as Valencian)) 17%, Galician (official in Galicia) 7%, Basque (official in the Basque Country and in the Basque-speaking area of Navarre) 2%, Aranese (official in the northwest corner of Catalonia (Vall d'Aran) along with Catalan, <5,000 speakers); note - Aragonese, Aranese Asturian, Basque, Calo, Catalan, Galician, and Valencian are recognized as regional languages under the European Charter for Regional or Minority Languagesmajor-language

Religion

Roman Catholic 58.2%, atheist 16.2%, agnostic 10.8%, other 2.7%, non-believer 10.5%, unspecified 1.7% (2021 est.)

Dependency & Expectancy of Spain

Last Updated: Jan, 2021

Dependency Ratio

Expectancy

Politics & Policies of Spain

2021 Policies Overview

Updated Coming in March 2021 after our team finish summarizing countries policy.

International Organizations

ADB (nonregional member), AfDB (nonregional member), Arctic Council (observer), Australia Group, BCIE, BIS, CAN (observer), CBSS (observer), CD, CE, CERN, EAPC, EBRD, ECB, EIB, EITI (implementing country), EMU, ESA, EU, FAO, FATF, IADB, IAEA, IBRD, ICAO, ICC (national committees), ICCt, ICRM, IDA, IEA, IFAD, IFC, IFRCS, IHO, ILO, IMF, IMO, IMSO, Interpol, IOC, IOM, IPU, ISO, ITSO, ITU, ITUC (NGOs), LAIA (observer), MIGA, NATO, NEA, NSG, OAS (observer), OECD, OPCW, OSCE, Pacific Alliance (observer), Paris Club, PCA, PIF (partner), Schengen Convention, SELEC (observer), SICA (observer), UN, UNCTAD, UNESCO, UNHCR, UNIDO, UNIFIL, Union Latina, UNOCI, UNRWA, UNWTO, UPU, WCO, WHO, WIPO, WMO, WTO, ZC

Import of Spain

Export of Spain

Import Destination

Export Destination