Economy - overview:
After experiencing a prolonged recession in the wake of the global financial crisis that began in 2008, in 2014 Spain marked the first full year of positive economic growth in seven years, largely due to increased private consumption. At the onset of the global financial crisis Spain's GDP contracted by 3.7% in 2009, ending a 16-year growth trend, and continued contracting through most of 2013. In 2013 the government successfully shored up struggling banks - exposed to the collapse of Spain's depressed real estate and construction sectors - and in January 2014 completed an EU-funded restructuring and recapitalization program.Until 2014, credit contraction in the private sector, fiscal austerity, and high unemployment weighed on domestic consumption and investment. The unemployment rate rose from a low of about 8% in 2007 to more than 26% in 2013, but labor reforms prompted a modest reduction to 22% in 2015. High unemployment strained Spain's public finances, as spending on social benefits increased while tax revenues fell. Spain’s budget deficit peaked at 11.4% of GDP in 2010, but Spain gradually reduced the deficit to just under 7% of GDP in 2013-14, and 4.7% of GDP in 2015. Public debt has increased substantially – from 60.1% of GDP in 2010 to nearly 101% in 2015.Exports were resilient throughout the economic downturn and helped to bring Spain's current account into surplus in 2013 for the first time since 1986, where it remained in 2014-15. Rising labor productivity and an internal devaluation resulting from moderating labor costs and lower inflation have helped to improve foreign investor interest in the economy and positive FDI flows have been restored.The government's efforts to implement labor, pension, health, tax, and education reforms - aimed at supporting investor sentiment - have become overshadowed by political activity in 2015 in anticipation of the national parliamentary elections in December. The European Commission criticized Spain’s 2016 budget for its easing of austerity measures and its alleged overly optimistic growth and deficit projections. Spain’s borrowing costs are dramatically lower since their peak in mid-2012, and despite the recent uptick in economic activity, inflation has dropped sharply, from 1.5% in 2013 to a negative 0.6% in 2015.

GDP (purchasing power parity):
$1.636 trillion (2015 est.) $1.588 trillion (2014 est.) $1.566 trillion (2013 est.)
note: data are in 2015 US dollars
country comparison to the world: 16
[see also: GDP country ranks ]

GDP (official exchange rate):
$1.221 trillion (2015 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
3.1% (2015 est.) 1.4% (2014 est.) -1.2% (2013 est.)
country comparison to the world: 97
[see also: GDP - real growth rate country ranks ]

GDP - per capita (PPP):
$35,200 (2015 est.) $34,200 (2014 est.) $33,700 (2013 est.)
note: data are in 2015 US dollars
country comparison to the world: 50
[see also: GDP - per capita country ranks ]

Gross national saving:
20.6% of GDP (2015 est.) 20.3% of GDP (2014 est.) 20.4% of GDP (2013 est.)
country comparison to the world: 83
[see also: Gross national saving country ranks ]

GDP - composition, by end use:
household consumption: 58.8%
[see also: GDP - composition, by end use - household consumption country ranks ]
government consumption: 18.7%
[see also: GDP - composition, by end use - government consumption country ranks ]
investment in fixed capital: 19.3%
[see also: GDP - composition, by end use - investment in fixed capital country ranks ]
investment in inventories: 0.3%
[see also: GDP - composition, by end use - investment in inventories country ranks ]
exports of goods and services: 32.2%
[see also: GDP - composition, by end use - exports of goods and services country ranks ]
imports of goods and services: -29.3% (2015 est.)
[see also: GDP - composition, by end use - imports of goods and services country ranks ]

GDP - composition, by sector of origin:
agriculture: 2.5%
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 22.7%
[see also: GDP - composition, by sector of origin - industry country ranks ]
services: 74.8% (2015 est.)
[see also: GDP - composition, by sector of origin - services country ranks ]

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:
1.5% (2015 est.)
country comparison to the world: 132
[see also: Industrial production growth rate country ranks ]

Labor force:
22.98 million (2015 est.)
country comparison to the world: 29
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 2.9%
[see also: Labor force - by occupation - agriculture country ranks ]
industry: 15%
[see also: Labor force - by occupation - industry country ranks ]
services: 58.4% (2014 est.)
[see also: Labor force - by occupation - services country ranks ]

Unemployment rate:
22.5% (2015 est.) 24.5% (2014 est.)
country comparison to the world: 173
[see also: Unemployment rate country ranks ]

Population below poverty line:
21.1% (2012 est.)
[see also: Population below poverty line country ranks ]

Household income or consumption by percentage share:
lowest 10%: 2.5%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: 24% (2011)
[see also: Household income or consumption by percentage share - highest 10% country ranks ]

Distribution of family income - Gini index:
35.9 (2011) 32 (2005)
country comparison to the world: 87
revenues: $473.6 billion
expenditures: $527.9 billion (2015 est.)
[see also: Distribution of family income - Gini index country ranks ]

Taxes and other revenues:
38.8% of GDP (2015 est.)
country comparison to the world: 45
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-4.4% of GDP (2015 est.)
country comparison to the world: 156
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
101% of GDP (2015 est.) 97.7% of GDP (2014 est.)
country comparison to the world: 17
[see also: Public debt country ranks ]

Fiscal year:
calendar year

Inflation rate (consumer prices):
-0.6% (2015 est.) -0.2% (2014 est.)
country comparison to the world: 15
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
0.05% (10 September 2014) 0.25% (13 November 2013)
note: this is the European Central Bank's rate on the marginal lending facility, which offers overnight credit to banks in the euro area
country comparison to the world: 150
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
9.1% (31 December 2015 est.) 9.44% (31 December 2014 est.)
country comparison to the world: 93
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$778.9 billion (31 December 2015 est.) $858.2 billion (31 December 2014 est.)
note: see entry for the European Union for money supply for the entire euro area; the European Central Bank (ECB) controls monetary policy for the 18 members of the Economic and Monetary Union (EMU); individual members of the EMU do not control the quantity of money circulating within their own borders
country comparison to the world: 8
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$1.257 trillion (31 December 2015 est.) $1.369 trillion (31 December 2014 est.)
country comparison to the world: 15
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$2.428 trillion (31 December 2015 est.) $2.662 trillion (31 December 2014 est.)
country comparison to the world: 10
[see also: Stock of domestic credit country ranks ]

Market value of publicly traded shares:
$995.1 billion (31 December 2012 est.) $1.031 trillion (31 December 2011) $1.172 trillion (31 December 2010 est.)
country comparison to the world: 16
[see also: Market value of publicly traded shares country ranks ]

Current account balance:
$10.62 billion (2015 est.) $11.2 billion (2014 est.)
country comparison to the world: 20
[see also: Current account balance country ranks ]

Exports:
$277.3 billion (2015 est.) $317.1 billion (2014 est.)
country comparison to the world: 19
[see also: Exports country ranks ]

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

Exports - partners:
France 16.2%, Germany 10.7%, Portugal 7.6%, Italy 7.3%, UK 7.1% (2014)

Imports:
$298.3 billion (2015 est.) $345.6 billion (2014 est.)
country comparison to the world: 15
[see also: Imports country ranks ]

Imports - commodities:
machinery and equipment, fuels, chemicals, semi-finished goods, foodstuffs, consumer goods, measuring and medical control instruments

Imports - partners:
Germany 13.4%, France 11.9%, Italy 6.2%, China 6.1%, Netherlands 4.8%, UK 4.4% (2014)

Reserves of foreign exchange and gold:
$50.35 billion (31 December 2014 est.) $46.31 billion (31 December 2013 est.)
country comparison to the world: 39
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$2.064 trillion (31 December 2014 est.) $2.238 trillion (31 December 2013 est.)
country comparison to the world: 10
[see also: Debt - external country ranks ]

Stock of direct foreign investment - at home:
$746.8 billion (31 December 2015 est.) $721.9 billion (31 December 2014 est.)
country comparison to the world: 14
[see also: Stock of direct foreign investment - at home country ranks ]

Stock of direct foreign investment - abroad:
$707 billion (31 December 2015 est.) $674 billion (31 December 2014 est.)
country comparison to the world: 14
[see also: Stock of direct foreign investment - abroad country ranks ]

Exchange rates:
euros (EUR) per US dollar - 0.89 (2015 est.) 0.75 (2014 est.) 0.76 (2013 est.) 0.78 (2012 est.) 0.72 (2011 est.)