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Spain Economy 2008
https://allcountries.org/wfb2008/spain/spain_economy.html
SOURCE: 2008 CIA WORLD FACTBOOK

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Economy - overview:
The Spanish economy boomed from 1986 to 1990 averaging 5% annual growth. After a European-wide recession in the early 1990s, the Spanish economy resumed moderate growth starting in 1994. Spain's mixed capitalist economy supports a GDP that on a per capita basis is 80% that of the four leading West European economies. 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 (official exchange rate):
$1.153 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.)

Labor force:
22.01 million (2007 est.)

Labor force - by occupation:
agriculture: 5.3%
industry: 30.1%
services: 64.6% (2004 est.)

Unemployment rate:
7.6% (2007 est.)

Population below 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 - exports:
0 cu m (2005 est.)

natural gas - imports:
31.76 billion cu m (2005)

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

Economic aid - donor:
ODA, $1.33 billion (1999)

Reserves of foreign exchange and gold:
$16.32 billion (31 December 2007 est.)

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

Stock of direct foreign investment - at home:
$439.4 billion (2006 est.)

Stock of direct foreign investment - abroad:
$509.2 billion (2006 est.)

Market value of publicly traded shares:
$960 billion (2005)

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


NOTE: The information regarding Spain on this page is re-published from the 2008 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Spain Economy 2008 information contained here. All suggestions for corrections of any errors about Spain Economy 2008 should be addressed to the CIA.



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