Economy Of Spain - Spain Information

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Economy Of Spain
Spain Information - Country Guides

Economy overview	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 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 11.7%. Growth of 2.4% in 2003 was satisfactory given the background of a faltering European economy. Incoming President RODRIGUEZ ZAPATERO, whose party won the election three days after the Madrid train bombings in March, plans to reduce government intervention in business, combat tax fraud, and support innovation, research and development, but also intends to reintroduce labor market regulations that had been scraped by the AZNAR government. Adjusting to the monetary and other economic policies of an integrated Europe - and reducing unemployment - will pose challenges to Spain over the next few years.
GDP	purchasing power parity - $885.5 billion (2004 est.)
GDP - real growth rate	2.4% (2004 est.)
GDP - per capita	purchasing power parity - $22,000 (2004 est.)
GDP - composition by sector	agriculture: 3.6% industry: 28.6% services: 67.8% (2004 est.)
Investment gross fixed	25.6% of GDP (2004 est.)
Population below poverty line	NA
Household income or consumption by percentage share	lowest 10%: 2.8% highest 10%: 25.2% (1990)
Distribution of family income - Gini index	32.5 (1990)
Inflation rate consumer prices	3% (2004 est.)
Labor force	18.82 million (2004 est.)
Labor force by occupation	agriculture 7%, manufacturing, mining, and construction 29%, services 64% (2001 est.)
Unemployment rate	11.3% (2004 est.)
Budget	revenues: $330.7 billion expenditures: $335.3 billion, including capital expenditures of $12.8 billion (2004 est.)
Public debt	62.7% of GDP (2004 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
Industrial production growth rate	1.6% (2004 est.)
Electricity production	222.5 billion kWh (2001)
Electricity production by source	fossil fuel: 50.4% hydro: 18.2% other: 4.1% (2001) nuclear: 27.2%
Electricity consumption	210.4 billion kWh (2001)
Electricity exports	4.138 billion kWh (2001)
Electricity imports	7.588 billion kWh (2001)
Oil production	7,099 bbl/day (2001 est.)
Oil consumption	1.497 million bbl/day (2001 est.)
Oil exports	135,100 bbl/day (2001)
Oil imports	1.582 million bbl/day (2001)
Oil proved reserves	10.5 million bbl (1 January 2002)
Natural gas production	516 million cu m (2001 est.)
Natural gas consumption	17.96 billion cu m (2001 est.)
Natural gas exports	0 cu m (2001 est.)
Natural gas imports	17.26 billion cu m (2001 est.)
Natural gas proved reserves	254.9 million cu m (1 January 2002)
Current account balance	$-23.77 billion (2004 est.)
Exports	$159.4 billion f.o.b. (2004 est.)
Exports commodities	machinery, motor vehicles; foodstuffs, other consumer goods
Exports partners	France 19.2%, Germany 11.9%, Italy 9.7%, UK 9.4%, Portugal 9.3%, US 4.2% (2003)
Imports	$197.1 billion f.o.b. (2003 est.)
Imports commodities	machinery and equipment, fuels, chemicals, semifinished goods; foodstuffs, consumer goods
Imports partners	France 16.8%, Germany 16.6%, Italy 8.8%, UK 6.5%, Netherlands 4.9% (2003)
Reserves of foreign exchange gold	$26.81 billion (2004 est.)
Debt external	$718.4 billion (2004 est.)
Economic aid recipient
Currency	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
Currency code	EUR
Exchange rates	euros per US dollar - 0.886 (2003), 1.0626 (2002), 1.1175 (2001), 1.0854 (2000), 0.9386 (1999)
Fiscal year	calendar year

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Economy Of SpainSpain Information - Country Guides

Economy Of Spain
Spain Information - Country Guides