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Economy of Spain

Economy of Spain
Cuatro Torres Business Area in Madrid
CurrencyEuro (EUR, €)
1 euro = 166.386 Spanish peseta
Calendar year
Trade organisations
EU, WTO and OECD
Country group
Statistics
PopulationIncrease 48,692,804[5]
GDP
GDP rank
GDP growth
  • Increase 6.4% (2021)[7]
  • Increase 5.8% (2022)[7]
  • Increase 2.5% (2023)[7]
  • Increase 2.4% (2024f)[7]
  • Increase 2.1% (2025f)[7]
  • Increase 1.8% (2026f)[7]
GDP per capita
  • Increase $34,045 (nominal; 2024)[6]
  • Increase $52,012 (PPP; 2024)[6]
GDP per capita rank
GDP by sector
Positive decrease 1.9% (June 2023)[9]
Population below poverty line
  • 26.5% at risk of poverty or social exclusion (AROPE 2023)[10]
31.5 medium (2023)[11]
Labour force
  • Increase 23,312,310 (2021)[13]
  • Increase 67.0% employment rate (2018)[14]
Labour force by occupation
  • agriculture: 4.2%
  • industry: 24.0%
  • services: 71.7%
  • (2009)[15]
Unemployment
  • Positive decrease 12.3% (April 2024)[16]
  • Positive decrease 26.5% youth unemployment (15 to 24 year-olds; April 2024)[17]
Average gross salary
€2,471 per month
€1,910 per month
Main industries
[18][19]
External
ExportsIncrease $533.8 billion (2019 est.)[15]
Export goods
Machinery, motor vehicles; foodstuffs, pharmaceuticals, medicines, other consumer goods
Main export partners
ImportsIncrease $463.1 billion (2019 est.)[15]
Import goods
Fuels, chemicals, semi-finished goods, foodstuffs, consumer goods, machinery and equipment, measuring and medical control instruments
Main import partners
FDI stock
  • Increase $824.8 billion (31 December 2017 est.)[15]
  • Increase Abroad: $776.8 billion (31 December 2017 est.)[15]
Increase $29.6 billion (2019 est.)[15]
Negative increase $2.094 trillion (31 December 2017 est.)[15]
Public finances
  • Positive decrease 116.1% of GDP (Q2 2022)[20]
  • Negative increase €1.475 trillion (Q2 2022)[21]
  • €35.2 billion deficit (2019)[22]
  • −2.8% of GDP (2019)[22]
Revenues39.1% of GDP (2019)[22]
Expenses41.9% of GDP (2019)[22]
Economic aid
Increase $79.36 billion (November 2020 est.)[15]
All values, unless otherwise stated, are in US dollars.

The economy of Spain is a highly developed social market economy.[28] It’s the world's 15th largest by nominal GDP and the sixth-largest in Europe. Spain is a member of the European Union and the eurozone, as well as the Organization for Economic Co-operation and Development and the World Trade Organization. In 2022, Spain was the nineteenth-largest exporter in the world and the fifteenth-largest importer. Spain is listed 27th in the United Nations Human Development Index and 37th in GDP per capita by the World Bank. Some of the main areas of economic activity are the automotive industry, medical technology, chemicals, shipbuilding, tourism and the textile industry. Among OECD members, Spain has a highly efficient and strong social security system, which comprises roughly 23.2% of GDP.[4][29][3]

Following the financial crisis of 2007–2008, the Spanish economy plunged into recession, entering a cycle of negative macroeconomic performance. Compared to the EU's and US's average, the Spanish economy entered recession later (the economy was still growing by 2008) but it stayed there longer. The economic boom of the 2000s was reversed, leaving over a quarter of Spain's workforce unemployed by 2012. In aggregated terms, the Spanish GDP contracted by almost 9% during the 2009–2013 period.[30] The economic situation started improving by 2013–2014. By then, Spain managed to reverse the record trade deficit which had built up during the boom years.[31] It attained a trade surplus in 2013, after three decades of running a trade deficit.[31] The surplus kept strengthening during 2014 and 2015.[32]

In 2015, the Spanish GDP grew by 3.2%: a rate not seen since 2007 and the last year before the world financial crisis struck.[33] This growth rate was the highest among the larger EU economies that year.[34] In just two years (2014–2015), the Spanish economy recovered 85% of the GDP lost during the 2009–2013 recession.[35] This success led some international analysts to refer to Spain's current recovery as "the showcase for structural reform efforts".[36] Strong GDP growth was registered also in 2016, with the country growing twice as fast as the eurozone average.[37] In this regard, the Spanish economy was forecast to remain the best-performing major economy in the eurozone in 2017.[38] Spain's unemployment rate fell substantially from 2013 to 2017. The real unemployment rate is much lower since there is an estimation of millions of people working in the grey market, people who count as unemployed or inactive yet still perform jobs.[39] Although estimates of the hidden economy vary, the real Spanish GDP may be around 20% bigger as it’s assumed the underground economy of Spain moves annually 190 billion Euros (US$224 billion).[40] Among high income European countries, only Italy and Greece are believed to have larger underground economies than Spain. Thus Spain may have higher purchasing power as well as a smaller gini coefficient[41] than shown in official numbers. In 2012, the Spanish government officially requested a credit from the European Stability Mechanism to restructure its banking sector in the face of a financial crisis.[42] The ESM approved up to €100 billion in assistance although, in the end, Spain only drew €41.3 billion. The ESM programme for Spain ended with the full repayment of the credit drawn 18 months later.[43]

The 2020 pandemic hit the Spanish economy with more intensity than other countries, as tourism accounts for 5% of its GDP and that sector of the economy was halted worldwide. In the first quarter of 2023 it was announced that it had fully recovered from the downturn, its GDP reaching pre-pandemic levels.[44]

In 2023, Spain's economy is expected to grow by 2.2%, slightly beating a preliminary estimate and bucking a downturn in the euro zone as a whole.[45]

  1. ^ "World Economic Outlook Database, April 2019". IMF.org. International Monetary Fund. Retrieved 29 September 2019.
  2. ^ "World Bank Country and Lending Groups". datahelpdesk.worldbank.org. World Bank. Retrieved 29 September 2019.
  3. ^ a b "Social Expenditure – Aggregated data". OECD.
  4. ^ a b Kenworthy, Lane (1999). "Do Social-Welfare Policies Reduce Poverty? A Cross-National Assessment" (PDF). Social Forces. 77 (3): 1119–1139. doi:10.2307/3005973. JSTOR 3005973. Archived (PDF) from the original on 10 August 2013.
  5. ^ "INEbase / Estadística Continua de Población (ECP). Datos provisionales". ine.es. Retrieved 1 April 2024.
  6. ^ a b c d "Report for Selected Countries and Subjects: April 2024". imf.org. International Monetary Fund.
  7. ^ a b c d e f "IMF Executive Board Concludes 2024 Article IV Consultation with Spain". International Monetary Fund. 6 June 2024.
  8. ^ "INE". Retrieved 20 December 2022.
  9. ^ Cite error: The named reference INE-inflation was invoked but never defined (see the help page).
  10. ^ "People at risk of poverty or social exclusion". ec.europa.eu/eurostat. Eurostat.
  11. ^ "Gini coefficient of equivalised disposable income - EU-SILC survey". ec.europa.eu. Eurostat.
  12. ^ a b "Human Development Report 2023/2024" (PDF). United Nations Development Programme. 13 March 2024. Archived (PDF) from the original on 13 March 2024. Retrieved 28 April 2024.
  13. ^ "Labor force, total - Spain". data.worldbank.org. World Bank. Retrieved 6 May 2022.
  14. ^ "Employment rate by sex, age group 20-64". ec.europa.eu/eurostat. Eurostat. Retrieved 25 May 2019.
  15. ^ a b c d e f g h i j "CIA World Factbook". CIA.gov. Central Intelligence Agency. Retrieved 17 February 2021.
  16. ^ "Unemployment Rate". INE Instituto Nacional de Estadística. Retrieved 17 June 2024.
  17. ^ "Unemployment in Spain". DatosMacro. Retrieved 15 June 2024.
  18. ^ "Home". The Global Guru. Retrieved 11 January 2022.
  19. ^ "Economic report" (PDF). Bank of Spain. Archived from the original (PDF) on 26 July 2008. Retrieved 13 August 2008.
  20. ^ "Outstanding liabilities and debt according to the Excessive Deficit Procedure (EDP). As a share of GDP" (PDF). bde.es/webbde/es/estadis/infoest/temas/te_deu.html (in Spanish). Bank of Spain. Retrieved 4 November 2022.
  21. ^ "Debt according to the Excessive Deficit Procedure (EDP)" (PDF). bde.es/webbde/es/estadis/infoest/temas/te_deu.html (in Spanish). Bank of Spain. Retrieved 4 November 2022.
  22. ^ a b c d "Euro area and EU27 government deficit both at 0.6% of GDP" (PDF). ec.europa.eu/eurostat. Eurostat. Retrieved 28 April 2020.
  23. ^ "Archived copy" (PDF). Archived (PDF) from the original on 25 December 2017. Retrieved 25 December 2017.{{cite web}}: CS1 maint: archived copy as title (link)
  24. ^ "Archived copy" (PDF). Archived (PDF) from the original on 20 April 2017. Retrieved 25 December 2017.{{cite web}}: CS1 maint: archived copy as title (link)
  25. ^ "Sovereigns rating list". Standard & Poor's. Retrieved 26 May 2011.
  26. ^ a b c Rogers, Simon; Sedghi, Ami (15 April 2011). "How Fitch, Moody's and S&P rate each country's credit rating". The Guardian. London. Retrieved 28 May 2011.
  27. ^ "Scope affirms Spain's credit ratings at A-, revises the Outlook to Positive". Scope Ratings. Retrieved 24 March 2024.
  28. ^ Official report on Spanish recent Macroeconomics, including tables and graphics (PDF), La Moncloa, archived from the original (PDF) on 26 July 2008, retrieved 13 August 2008
  29. ^ Moller, Stephanie; Huber, Evelyne; Stephens, John D.; Bradley, David; Nielsen, François (2003). "Determinants of Relative Poverty in Advanced Capitalist Democracies". American Sociological Review. 68 (1): 22–51. doi:10.2307/3088901. JSTOR 3088901.
  30. ^ "El PIB español sigue sin recuperar el volumen previo a la crisis" (in Spanish). Expansión. 6 February 2016. Retrieved 15 June 2016.
  31. ^ a b Bolaños, Alejandro (28 February 2014). "España logra en el año 2013 el primer superávit exterior en tres décadas". El País.
  32. ^ Bolaños, Alejandro (29 February 2016). "El superávit exterior de la economía española supera el 1,5% del PIB en 2015". El País (in Spanish). ISSN 1134-6582. Retrieved 11 January 2022.
  33. ^ "Spanish economy: Spanish economy grew 3.2% in 2015 | Economy and Business | EL PAÍS English Edition". 29 January 2016.
  34. ^ "Fitch Affirms Spain at 'BBB+'; Outlook Stable". Reuters. 29 January 2016.
  35. ^ Cite error: The named reference RazónEspañarecuperaPIB was invoked but never defined (see the help page).
  36. ^ Cite error: The named reference TelegraphSpainSuperstar was invoked but never defined (see the help page).
  37. ^ Cite error: The named reference FTbiggestdrop was invoked but never defined (see the help page).
  38. ^ Cite error: The named reference ExportsTiger was invoked but never defined (see the help page).
  39. ^ "La economía sumergida mueve más de cuatro millones de empleos". 25 January 2016.
  40. ^ "La economía sumergida en España, cerca del 20% del PIB". Archived from the original on 19 October 2017. Retrieved 19 October 2017.
  41. ^ "España sigue entre los países con más economía sumergida". Archived from the original on 2 April 2019. Retrieved 15 December 2017.
  42. ^ "Spain". 23 April 2016.
  43. ^ "Spain | European Stability Mechanism". esm.europa.eu. 23 April 2016. Retrieved 29 September 2019.
  44. ^ "UPDATE 2-Spain's economy returns to pre-pandemic levels in first quarter". Reuters. 23 June 2023. Retrieved 6 November 2023.
  45. ^ "Economic forecast for Spain". economy-finance.ec.europa.eu. Retrieved 3 November 2023.

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