Economy

Economy—overview:

According to the World Bank, Spain's economy is the eighth biggest worldwide and the fifth largest in Europe. As of 2005, GDP was valued at $1.12 trillion, just behind Italy and ahead of Canada. Spain's mixed economy supports a GDP that on a per capita basis is 90% of that of the four leading West European economies and slightly above the European Union average. The centre-right government of former prime ministerAznar worked successfully to gain admission to the first group of countries launching the euro in 1999. Unemployment currently stands at 7.6% of the labour force (October 2006) having fallen from a high of 20% and above in the early 1990s. The country's economy has created more than half of all the new jobs in the European Union over the five years ending with 2005. The Spanish economy has thus been regarded lately as one of the most dynamic within the EU, attracting significant amounts of foreign investment

GDP: purchasing power parity—$1.133 billion (2005 est.)

GDP—real growth rate: 3.4% (2005 est.)

GDP—per capita: purchasing power parity—$27.226 (1997 est.)

GDP—composition by sector:

agriculture: 3.6%

industry: 33.6%

services: 62.8% (1995 est.)

Inflation rate—consumer price index: 2.1% (1997 est.)

Labor force:

total: 16.2 million

by occupation: services 64% manufacturing mining and construction 28% agriculture 8% (1997 est.)

Unemployment rate: 7.6% (2005 est.)

Budget:

revenues: $113 billion

expenditures: $139 billion including capital expenditures of $15 billion (1995)

Industries: textiles and apparel (including footwear) food and beverages metals and metal manufactures chemicals shipbuilding automobiles machine tools tourism

Industrial production growth rate: -0.8% (1996)

Electricity—capacity: 39.583 million kW (1995)

Electricity—production: 154.144 billion kWh (1995)

Electricity—consumption per capita: 4 026 kWh (1995)

Agriculture—products: grain vegetables olives wine grapes sugar beets citrus; beef pork poultry dairy products; fish catch of 867 000 metric tons in 1993

Exports:

total value: $94.5 billion (f.o.b. 1995)

commodities: cars and trucks semifinished manufactured goods foodstuffs machinery (1994)

partners: EU 72.1% US 4.2% other developed countries 7.9% (1996)

Imports:

total value: $118.3 billion (c.i.f. 1995)

commodities: machinery transport equipment fuels semifinished goods foodstuffs consumer goods chemicals (1994)

partners: EU 65.6% US 6.6% other developed countries 11.5% Middle East 6.2% (1996)

Debt—external: $90 billion (1993 est.)

Economic aid:

donor: ODA $1.213 billion (1993)

Currency: Euro (EUR)

Exchange rates: Euros (EUR) per US$1—1.22843 USD (June 2005)

Fiscal year: calendar year