Spain - Economy

The center-right government of former President Jose Maria 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 7.6%. Growth averaging more than 3% annually during 2003-07 was satisfactory given the background of a faltering European economy. 

The Socialist president, RODRIGUEZ ZAPATERO, has made mixed progress in carrying out key structural reforms, which need to be accelerated and deepened to sustain Spain's economic growth. Despite the economy's relative solid footing significant downside risks remain including Spain's continued loss of competitiveness, the potential for a housing market collapse, the country's changing demographic profile, and a decline in EU structural funds.

GDP (purchasing power parity): $1.362 trillion (2007 est.)

GDP (real growth rate): 3.8% (2007 est.)

GDP per capita (PPP): $33,700 (2007 est.)

GDP Composition by Sector: 
agriculture: 3.8%
industry: 29.4%
services: 66.8% (2007 est.)

Labour Force: 22.01 million (2007 est.)

Labour Force by Occupation: agriculture: 5.3%
industry: 30.1%
services: 64.6% (2004 est.)

Unemployment Rate: 7.6% (2007 est.)

Population below the 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: 32 (2005)

Inflation rate (consumer prices): 2.4% (2007 est.)

Investment (gross fixed): 30.8% of GDP (2007 est.)

Budget: 
revenues: $571.1 billion
expenditures: $544.9 billion (2007 est.)

Public Debt: 35.7% of GDP (2007 est.)

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: 3% (2007 est.)

Electricity Production: 270.3 billion kWh (2005)

Electricity Consumption: 243 billion kWh (2005)

Electricity Exports: 11.56 billion kWh (2005)

Electricity Imports: 10.21 billion kWh (2005)

Oil Production: 29,350 bbl/day (2005 est.)

Oil Consumption: 1.6 million bbl/day (2005 est.)

Oil Exports: 175,200 bbl/day (2004)

Oil Imports: 1.714 million bbl/day (2004)

Oil Proved Reserves: 157.6 million bbl (1 January 2006 est.)

Natural Gas Production: 151.5 million cu m (2005 est.)

Natural Gas Consumption: 30.58 billion cu m (2005 est.)

Natural Gas Imports: 17.26 billion cu m (2001 est.)

Natural Gas Exports: 0 cu m (2005 est.)

Natural Gas proved reserves: 2.444 billion cu m (1 January 2006 est.)

Current Account Balance: -$126.3 billion (2007 est.)

Exports: $248.3 billion f.o.b. (2007 est.)

Exports-Commodities: machinery, motor vehicles; foodstuffs, pharmaceuticals, medicines, other consumer goods

Exports-Partners: France 18.9%, Germany 11%, Portugal 8.9%, Italy 8.6%, UK 7.8%, US 4.5% (2006)

Imports: $359.1 billion f.o.b. (2007 est.)

Imports Commodities: machinery and equipment, fuels, chemicals, semifinished goods; foodstuffs, consumer goods; measuring and medical control instruments

Imports Partners: Germany 14.7%, France 13.2%, Italy 8.1%, UK 5%, Netherlands 4.8%, China 4.8% (2006)

Reserves of Foreign exchange and Gold: $16.32 billion (31 December 2007 est.)

Debt-External: $2.047 trillion (30 June 2007 est.)

Economic Aid-Donor: ODA, $1.33 billion (1999)

Currency Code: 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

Exchange rates: euros per US dollar - 0.7345 (2007), 0.7964 (2006), 0.8041 (2005), 0.8054 (2004), 0.886 (2003)

Fiscal year: calendar year

This information comes from the CIA World Factbook January 2008.