Economy of Spain From Wikipedia, the free encyclopedia Economy of Spain Cuatro Torres Business Area in Madrid Currency 1 euro (€1) = 100 cents Fiscal year Calendar year Trade organizations EU, WTO and OECD Statistics GDP $1.393 trillion (nominal; est. 2014)[1] $1.566 trillion (PPP; est. 2014)[2] GDP rank 14th (nominal) / 16th (PPP) GDP growth 2.8% (2014)[3] Gini coefficient 31.0 (2014)[4] Labour force 22.93 million (2014)[5] Labour force by occupation services (70.7%), industry (14.1%), construction (9.9%), agriculture, farming and fishing (4.5%), energy (0.7%) (September 2009)[6] Unemployment 22,37% (July 2015)[7] Main industries Machinery, machine tools, metals and metal manufactures, chemicals, pharmaceuticals, shipbuilding, automobiles, tourism,[8][9] textiles and apparel (including footwear), food and beverages. Ease-of-doing-business rank 33rd[10] External Export goods Machinery, motor vehicles, chemicals, shipbuilding, foodstuffs, electronic devices, pharmaceuticals and medicines, other consumer goods Main export partners France 16.8% Germany 10.8% Italy 7.7% Portugal 7.1% United Kingdom 6.5% (2012 est.)[11] Import goods Fuels, chemicals, semi-finished goods, foodstuffs, consumer goods, measuring and medical control instruments, machinery and equipment Main import partners Germany 11.8% France 11.5% Italy 6.7% China 5.6% Netherlands 5.4% United Kingdom 4.1% (2012 est.)[12] FDI stock $649.9 billion (31 December 2009 est.) Gross external debt $1,283,184,000,000 (2013) Public finances Public debt 92.10% of GDP (2013) Revenues $515.8 billion (2010 est.) Expenses $648.6 billion (2010 est.) Credit rating Standard & Poor's:[13] BBB+ (Domestic) BBB+ (Foreign) AAA (T&C Assessment) Outlook: Stable[14] Moody's:[14] Baa3 Outlook: Stable Fitch:[14] BBB+ Outlook: Stable Foreign reserves $47,171 billion (Aug 2014)[15] Main data source: CIA World Fact Book All values, unless otherwise stated, are in US dollars. Spain has the thirteenth-largest economy by nominal GDP in the world, and sixteenth-largest by purchasing power parity. The Spanish economy is the fifth-largest in the European Union, and the fourth-largest in the Eurozone, based on nominal GDP statistics. In 2012, Spain was the twelfth-largest exporter in the world and the sixteenth-largest importer. Spain is listed 23rd in UN Human Development Index and 30th in GDP(PPP) per capita by World Bank, thus it is classified as high income economy and among the countries of very high human development.[16] However, since the financial crisis of 2007–08, the Spanish economy's recent macroeconomic performance has been poor. Between 2008 and 2012, the economic boom of the 2000s was reversed, leaving over a quarter of Spain's workforce unemployed by 2012.[17][18] In 2012, the Spanish economy contracted by 1.4% and was in recession until Q3 of 2013.[19] Despite the poor recent performance of the Spanish economy generally, Spain's international trade situation has improved. During the boom years, Spain had built up a trade deficit eventually reaching a record amounting to 10% of GDP (2007).[20]During the economic downturn, Spain has been significantly reducing imports, increasing exports and kept attracting growing numbers of tourists. As a result, in 2013 it achieved a trade surplus for the first time in three decades.[20] In their global forecast report dated October 2014, the IMF improved the 2015 GDP growth forecast for Spain, putting it ahead of the Eurozone major economies.[21] Spain is a member of the European Union, the Organization for Economic Co-operation and Development, and the World Trade Organization.
