| Economy of Spain | |
| Currency | 1 Euro = 100 eurocent |
|---|---|
| Fiscal year | Calendar year |
| Trade organizations | EU, WTO and OECD |
| Statistics | |
| GDP (PPP) | 1. Please update other articles as well to avoid contradiction within Wikipedia e The European Union ( EU) is a political and economic union of twenty-seven member states, located primarily in The purchasing power parity ( PPP) theory uses the long-term equilibrium Exchange rate of two currencies to equalize their Purchasing power. 362 trillion (2007 est. ) (13th) |
| GDP growth | 2. There are three lists of Countries of the world sorted by their Gross domestic product (GDP (the value of all final goods and services produced within a nation 4% (2008 est. ) |
| GDP per capita | $33,700 (2007 est. ) |
| GDP by sector | agriculture (3. Agriculture refers to the production of goods through the growing of plants and fungi and the raising of domesticated Animals The study of agriculture 8%), industry (29. For other uses of this term see Industry (disambiguation An industry (from Latin industrius, "diligent industrious" 4%), services (66. A service is the non-material equivalent of a good. A service provision is an economic activity that does not result in Ownership, and this is what differentiates 8%) (2007 est. ) |
| Inflation (CPI) | 4. In economics inflation or price inflation is a rise in the general level of prices of goods and services over a period of time CPI redirects here For other uses see CPI (disambiguation. A consumer price index ( CPI) is a measure of the average price of consumer 3% (Jan. 2008) |
| Population below poverty line |
19. The poverty threshold, or poverty line, is the minimum level of Income deemed necessary to achieve an adequate Standard of living in a given country 8% (2005) |
| Gini index | 32% (2005) |
| Labour force | 22. The Gini coefficient is a measure of statistical dispersion most prominently used as a measure of inequality of income distribution or inequality of wealth 01 million (2007 est. ) |
| Labour force by occupation |
services (64. A service is the non-material equivalent of a good. A service provision is an economic activity that does not result in Ownership, and this is what differentiates 6%), manufacturing, mining and construction (30. Manufacturing (from Latin manu factura, "making by hand" is the use of tools and labor to make things for use or sale Mining is the extraction of valuable Minerals or other geological materials from the earth usually (but not always from an Ore body In the fields of Architecture and Civil engineering, construction is a process that consists of the Building or assembling of Infrastructure 1%), agriculture (5. Agriculture refers to the production of goods through the growing of plants and fungi and the raising of domesticated Animals The study of agriculture 3%) (2005 est. ) |
| Unemployment | 8. Unemployment occurs when a person is available to work and currently seeking work but the person is without work. 6% (Dec. 2007) |
| Main industries | Tourism, textiles and apparel (including footwear), food and beverages, metals and metal manufactures, chemicals, shipbuilding, automobiles, machine tools. Tourism is Travel for Recreational or Leisure purposes The World Tourism Organization defines tourists as people who "travel A textile is a flexible material comprised of a network of natural or artificial Fibres often referred to as thread or Yarn. Clothing (also called clothes, accoutrements, accouterments, or habiliments) protects the Human body from extreme Weather Footwear consists of Garments worn on the feet, for protection against the environment and Adornment. Food is any substance usually composed primarily of Carbohydrates Fats water and/or Proteins that can be eaten or drunk by an A drink, or beverage, is a Liquid specifically prepared for Human consumption The M acro E xpansion T emplate A ttribute L anguage complements TAL, providing macros which allow the reuse of code across Metalworking is craft and practice of working with Metals to create individual parts assemblies or large scale structures A chemical substance is a Material with a definite chemical composition. See also Shipbuilding (song. Shipbuilding is the construction of Ships It normally takes place in a specialized facility known as a A machine tool is a powered mechanical device typically used to fabricate metal components of machines by Machining, which is the selective removal of metal |
| External | |
| Exports | $248. 3 billion F.O.B. (2007 est. ) |
| Export goods | Machinery, motor vehicles, foodstuffs, other consumer goods |
| Main export partners | France 18. A machine is any device that uses Energy to perform some activity A motor Vehicle is a Machine which incorporates a motor (sometimes known as an Engine) and which is used for Transportation Food is any substance usually composed primarily of Carbohydrates Fats water and/or Proteins that can be eaten or drunk by an This article is about the country For a topic outline on this subject see List of basic France topics. 8%, Germany 11%, Portugal 9%, Italy 8. Germany, officially the Federal Republic of Germany ( ˈbʊndəsʁepuˌbliːk ˈdɔʏtʃlant is a Country in Central Europe. Portugal, officially the Portuguese Republic (República Portuguesa is a country on the Iberian Peninsula. Italy (Italia officially the Italian Republic, (Repubblica Italiana is located on the Italian Peninsula in Southern Europe, and on the two largest 6%, UK 8% U.S. 4. The United Kingdom of Great Britain and Northern Ireland, commonly known as the United Kingdom, the UK or Britain,is a Sovereign state located The United States of America —commonly referred to as the 4% (2006) |
| Imports | $289. 8 billion (2006 est. ) |
| Import goods | Machinery and equipment, fuels, chemicals, semifinished goods, foodstuffs, consumer goods (1997) |
| Main import partners | Germany 14. A machine is any device that uses Energy to perform some activity A broader definition of a tool is an entity used to interface between two or more domains that facilitates more effective action of one domain upon the other Fuel is any material that is burned or altered in order to obtain energy A chemical substance is a Material with a definite chemical composition. For the commodity see Food. Foodstuffs NZ Ltd is a New Zealand grocery distributor incorporated as a Retailers' cooperative Germany, officially the Federal Republic of Germany ( ˈbʊndəsʁepuˌbliːk ˈdɔʏtʃlant is a Country in Central Europe. 8%, France 13. This article is about the country For a topic outline on this subject see List of basic France topics. 4% Italy 8. Italy (Italia officially the Italian Republic, (Repubblica Italiana is located on the Italian Peninsula in Southern Europe, and on the two largest 3%, UK 5. The United Kingdom of Great Britain and Northern Ireland, commonly known as the United Kingdom, the UK or Britain,is a Sovereign state located 2%, Netherlands 4. The Netherlands ( Dutch:, ˈnedərlɑnt is the European part of the Kingdom of the Netherlands, which consists of the Netherlands the Netherlands 9%, China 4. China ( Wade-Giles ( Mandarin) Chung¹kuo² is a cultural region, an ancient Civilization, and depending on perspective a National 6% (2006) |
| Public finances | |
| Public debt | $970. 7 billion (2005) |
| Revenues | $440. 9 billion (2005) |
| Expenses | $448. 4 billion (2005) |
| Economic aid | $1. 33 billion (donor) (1999) |
| Main data source: CIA World Factbook All values, unless otherwise stated, are in US dollars |
|
Contents |
Transition to a modern economy
What is now the 8th largest economy[1] in the world has evolved from the regulated economy of Francoism as the latter started to fade out in 1975. The United States dollar ( sign: $; code: USD) is the unit of Currency of the United States; it has also been Year 1975 ( MCMLXXV) was a Common year starting on Wednesday (link will display full calendar of the Gregorian calendar.
Francoism initiated in the '60s a set of deregulating moves away from its initial total control of the economy; these, along with large infrastructure projects and a gradual opening to tourism, resulted in the paramount economic growth almost overnight which came to be known as the "Spanish Miracle". Deregulation, a term which gained widespread currency in the period 1970-2000 can be seen as a process by which governments remove reduce or simplify Restrictions on Business The economics of fascism refers to the economic policies implemented by fascist governments The Spanish miracle (el milagro español was the name given to a broadly based economic boom in Spain between 1959 and 1973.
However, by Franco's death and the dawn of the constitutional monarchy, interventionism was still widespread: basic products like bread and sugar had their prices fixed by the government, large public firms controlled all sectors regarded as strategic (Telephone, tobacco, petrol, etc. A constitutional monarchy, or a limited monarchy, is a form of Constitutional Government, wherein either an elected or hereditary Monarch is ), shops had fixed opening and closing times (although this too existed, in other European countries, eg. Germany), both passive and active interest rates were fixed by the government, etc. Germany, officially the Federal Republic of Germany ( ˈbʊndəsʁepuˌbliːk ˈdɔʏtʃlant is a Country in Central Europe. All these rigidities and more were made obvious by the 1973 oil crisis, which terminated the previous expansion cycle and unleashed a roughly 10 years period of severe industrial crisis (1975-1985). The 1973 oil crisis began on October 17 1973 when the members of Organization of Arab Petroleum Exporting Countries (OAPEC consisting of the Arab members of This blow stressed the need to modernize the economy and join the European Community.
Spain's accesson to the European Community, now European Union (EU), in January 1986 ushered the country into opening its economy, modernize its industrial base and revise economic legislation. Spain () or the Kingdom of Spain (Reino de España is a country located mostly in southwestern Europe on the Iberian Peninsula. The European Community (EC is one of the Three pillars of the European Union (EU created under the Maastricht Treaty (1992 The European Union ( EU) is a political and economic union of twenty-seven member states, located primarily in The EU, with amounts of funds from the European Regional Development Fund- Spain greatly improved infrastructures, increased GDP growth, reduced the public debt to GDP ratio, reduced unemployment from 23% to 10%, and reduced inflation to under 3%. Government debt (also known as public debt or national debt) is Money (or credit) owed by any level of government either Central government
1992 crisis and end of the century economic boom
Following peak growth years in the late 1980s, in 1992 the Spanish economy was finally touched by the late 1980s recession; that happened, tellingly, on the year when the Barcelona Olympics were held and all the construction investment and feasts were finished. The 1992 Summer Olympic Games, officially known as the Games of the XXV Olympiad, were an International Multi-sport event held in Barcelona, The economy, however, recovered during the first Aznar administration (1996-2000), driven by a return of consumer confidence and increased private consumption. Unemployment is at 7. 6% (October 2006), which represents a significant improvement from the 80's levels and a better rate than the one of Germany or France. Devaluations of the peseta during the 1990s made Spanish exports more competitive.
In 1999 Spain was amongst the leading group within the EU to adopt the Euro as their accounting money in preparation for its launching as a physical currency, which happened in January 1, 2002. New Year See also New Year The Ancient Romans began their consular year on January 1st since 153 BC See also 2002 (disambiguation Year 2002 ( MMII) was a Common year starting on Tuesday of the Gregorian calendar. On that date Spain terminated its historic peseta currency and replaced it with the euro, which has become its national currency shared with 15 other countries from the Eurozone. Please update other articles as well to avoid contradiction within Wikipedia e Euro Enlargement of the This culminated a fast process of economic modernization even though the strength of the euro since its adoption has raised recent concerns that Spanish exports outside the European Union are being priced out of the range of foreign buyers. However, this has been offset by the facilitation of trade among the euro nations.
The Spanish economy is credited for having avoided the virtual zero growth rate of some of its largest partners in the EU (namely France, Germany and Italy) in the late 90's and in the beginning of the 21st century in a process which started with former Prime Minister Aznar's liberalization and deregulation reforms aiming to reduce the State's role in the market place. In 1995 Spain started an impressive economic cycle -which keeps going as of 2008- marked by an outstanding economic growth, with figures around 3%, often well over this rate[2]. Economic growth is the increase in the amount of the goods and services produced by an economy over time
This has narrowed steadily the economic gap between Spain and its leading partners in the EU over this period. Hence, the Spanish economy has been regarded lately as one of the most dynamic within the EU (the ninth economy of the world and the fifth of EU), even able to replace the leading role of much larger economies like the ones of France and Germany, thus subsequently attracting significant amounts of native and foreign investment. [3]
Due to its own economic development and the recent EU enlargements up to 27 members (2007), Spain as a whole exceeded (105%) the average of the EU GDP in 2006 placing it ahead of Italy (103% for 2006). Enlargement of the European Union is the process of expanding the European Union (EU through the accession of new member states. As for the extremes within Spain, three regions in 2005 were included in the leading EU group exceeding 125% of the GDP average level (Madrid, Navarre and the Basque Autonomous Community) and one was in the 85% level (Extremadura). The Basque Country ( Basque Euskadi, Spanish País Vasco) is an autonomous community in northern Spain. Extremadura is an autonomous community of western Spain whose capital city is Mérida. [4] According to the growth rates after 2006 to date, noticeable progress from these figures is still going on as of early 2008.
Current events: a downward scenario
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Starting with the second term of prime minister Jose Luis Rodriguez Zapatero, Spain is facing fundamental economic problems. José Luis Rodríguez Zapatero (born 4 August 1960 better known by his maternal surname Zapatero (literally "shoemaker" in Spanish is the current For the Financial Times these are, namely, Spain's huge trade deficit (one of the largest in the world in relative terms), the "loss of competitiveness against its main trading partners" and, also, as a part of the latter, an inflation rate which is traditionally higher than the one of its European partners, lately affected by house price increases of 150% from 1998 and a growing family indebtedness (115%) chiefly related to this Real Estate boom[5]. The Financial Times ( FT) is a British international business Newspaper. The balance of trade (or net exports, sometimes symbolized as NX) is the difference between the monetary value of Exports and imports in an Competitiveness is a comparative concept of the ability and performance of a firm sub-sector or country to sell and supply goods and/or services in a given Market In economics inflation or price inflation is a rise in the general level of prices of goods and services over a period of time
The world liquidity crisis stemming from the American subprime mortgage crisis which became worldwide by the second half of 2007 is affecting the Spanish among other Western economies. The subprime mortgage crisis is an ongoing financial crisis characterized by contracted Liquidity in global credit markets and Banking Its effects have become chiefly apparent with the burst of the Spanish property bubble. The residential real estate bubble in Spain saw Real Estate prices rise 247% from 1997 to 2005 The rate of new residential construction virtually halved in less than a year, virtually coming to a halt in some areas. On the other side, due to the lack of own resources, Spain has to import all of its oil and gas, which in the current scenario of record prices is adding much pressure to the inflation rate.
During the first quarter of 2008 the Spanish economy rate grew less than that of the third quarter of 1995, which marked the last quarter of the 1992-1993 recession. By that time, the Spanish economy had five quarters in a row with a negative growth. Also, during the first quarter of 2008 the Spanish economy grew less than other EU major economies (namely Germany) for the first time in a decade. The outcome of this slower pace is that of effective reduced convergence with the European bigger economies, in contrast with the gains in convergence of the last decade.
The Spanish government official growth forecast for 2008 is 2. 7%, which seems unlikely to be reached if the current rates are maintained or worsened during the remainder of the year[6].
On the sunnier side, the Spanish banking system has been credited as one of more solid and best equipped among all Western economies to cope with the worldwide liquidity crisis, due to the Spanish own banking rules and practices[7].
Statistics
GDP: purchasing power parity - $1. 358 trillion (2007)
GDP - real growth rate: 3. 8% (2007)
GDP - per capita: purchasing power parity - $33,221 (2007)
GDP - composition by sector:
industry: 30. 1%
services: 66. 5% (2003 est. ) One of the main services served is tourism; Spain is the second country in the world in the ranking of both tourist arrivals and incomes from tourism, having received in 2006 alone 58. Tourism is Travel for Recreational or Leisure purposes The World Tourism Organization defines tourists as people who "travel 5 million tourists and 51. 1 billion dollars respectively[8]
agriculture: 3. 4%
Population below poverty line: 19. 8% (2005 est. )[9]
Household income or consumption by percentage share:
lowest 10%: 2. 8%
highest 10%: 25. 2% (1990)
Inflation rate (consumer prices): 4. 3% (2007, end-of-period)
Labor force: 18. 5 million (2006)
Labor force - by occupation: services 64%, manufacturing, mining, and construction 29%, agriculture 7% (2001est. )
Unemployment rate: 8% September 2007
Budget:
revenues: $105 billion
expenditures: $109 billion, including capital expenditures of $12. 8 billion (2000 est. )
Industries: metals and metal manufactures, textiles and apparel (including footwear), food and beverages, chemicals, shipbuilding, electronic devices, automobiles, machine tools, tourism. See also Shipbuilding (song. Shipbuilding is the construction of Ships It normally takes place in a specialized facility known as a
Industrial production growth rate: 0. 6% (2003 est. )
Electricity - production: 222,500 GWh (2001)
Electricity - production by source:
fossil fuel: 50. 4%
nuclear: 27. 2%
hydro: 18. 2%
other: 4. 1% (2001)
Electricity - consumption: 210,400 GWh (2001)
Electricity - exports: 4,138 GWh (2001)
Electricity - imports: 7,588 GWh (2001)
Agriculture - products: grain, vegetables, olives, wine grapes, sugar beets, citrus; beef, pork, poultry, dairy products; fish
Exports: $192. 5 billion f. o. b. (2006 est. )
Exports - commodities: machinery, motor vehicles; chemicals, electronic devices, foodstuffs, other consumer goods
Exports - partners: France 19%, Germany 11. This article is about the country For a topic outline on this subject see List of basic France topics. Germany, officially the Federal Republic of Germany ( ˈbʊndəsʁepuˌbliːk ˈdɔʏtʃlant is a Country in Central Europe. 4%, UK 9. 6%, Portugal 9. Portugal, officially the Portuguese Republic (República Portuguesa is a country on the Iberian Peninsula. 5%, Italy 9. Italy (Italia officially the Italian Republic, (Repubblica Italiana is located on the Italian Peninsula in Southern Europe, and on the two largest 3%, U.S. 4. The United States of America —commonly referred to as the 6% (2002)
Imports: $289. 8 billion f. o. b. (2006 est. )
Imports - commodities: fuels, chemicals, machinery and equipment, semifinished goods; foodstuffs, consumer goods (1997)
Imports - partners: France 17%, Germany 16. 5%, Italy 8. 6%, UK 6. 4%, Netherlands 4. The Netherlands ( Dutch:, ˈnedərlɑnt is the European part of the Kingdom of the Netherlands, which consists of the Netherlands the Netherlands 8% (2002)
Debt - external: $90 billion (1993 est. )
Economic aid - donor: ODA, $1. 33 billion (1999)
Currency: 1 euro (€) = 100 cents Exchange rates: euros per US dollar - 0. 67 (2008), 0. 83 (2006), 0. 82 (2005), 0. 81 (2004), 0. 89 (2003), 1. 06 (2002), 1. 12 (2001), 1. 09 (2000), 0. 94 (1999)
Fiscal year: calendar year
References and notes
- ^ https://www.cia.gov/library/publications/the-world-factbook/fields/2195.html World Bank GDP figures]
- ^ OECD figures
- ^ Official report on Spanish recent Macroeconomics, including tables and graphics
- ^ Eurostat 2004 GDP figures
- ^ EUROPE: Boomtime Spain waits for the bubble to burst By: By Leslie Crawford in Madrid, Financial Times, Published: Jun 08, 2006
- ^ La economía crece ya a ritmos de 1995 en términos trimestrales y desbarata las previsiones de Solbes - Cotizalia.com
- ^ Spanish steps | Economist.com
- ^ World Tourism Organization 2007 report
- ^ CIA World Fact Book
See also
External links
- Banco de España (Spanish Central Bank); features the latest and in depth statistics
- Statistical Institute of Andalusia
- National Institute of Statistics
- Statistical Institute of Catalonia
- Statistical Institute of Galicia
- OECD's Spain country Web site and OECD Economic Survey of Spain
- Article: Investing in Spain by Nicholas Vardy - September, 2006. A fiscal year (or financial year, or sometimes budget year) is a period used for calculating annual ("yearly" Financial statements in Businesses The Bank of Spain (Banco de España is the national Central bank of Spain. The Economic history of Spain covers the development of the Spanish economy over the course of its history Economic development Pre-1945 Industrial growth Prior to World War II, Europe's major financial and industrial states were the United Kingdom, A global investor's discussion of Spain's economic boom.
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