| 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 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 8.1%. Growth averaging 3% annually during 2003-06 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 strong 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. |
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| GDP | 1.2% (2005 est.) |
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| GDP - real growth rate | 3.9% (2006 est.) |
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| GDP - composition by sector | agriculture: 3.9%
industry: 29.4%
services: 66.7% (2006 est.) |
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| Population below poverty line | 19.8% (2005) |
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Household income or consumption
by percentage share | lowest 10%: 2.8%
highest 10%: 25.2% (1990) |
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Distribution of family income
- Gini index | 32.5 (1990) |
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| Labor force | 21.77 million (2006 est.) |
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| Labor force - by occupation | agriculture: 5.3%
industry: 30.1%
services: 64.6% (2004 est.) |
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| Unemployment rate | 8.1% (October 2006 est.) |
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| Budget | revenues: $488.2 billion
expenditures: $475.3 billion; including capital expenditures of $12.8 billion (2006 est.) |
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| 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 |
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| Industrial production growth rate | 0.6% (2006 est.) |
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Electricity -
production | 263.3 billion kWh (2004) |
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Electricity -
production by source | fossil fuel: 50.4%
hydro: 18.2%
nuclear: 27.2%
other: 4.1% (2001) |
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Electricity -
consumption | 241.8 billion kWh (2004) |
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Electricity -
exports | 11.4 billion kWh (2004) |
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Electricity -
imports | 8.3 billion kWh (2004) |
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| Oil - production | 31,250 bbl/day (2004 est.) |
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| Oil - consumption | 1.573 million bbl/day (2004 est.) |
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| Oil - exports | 135,100 bbl/day (2001) |
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| Oil - imports | 1.582 million bbl/day (2001) |
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| Oil - proved reserves | 10.5 million bbl (1 January 2002) |
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| Agriculture - products | grain, vegetables, olives, wine grapes, sugar beets, citrus; beef, pork, poultry, dairy products; fish |
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| Exports | $222.1 billion f.o.b. (2006 est.) |
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| Exports - commodities | machinery, motor vehicles; foodstuffs, pharmaceuticals, medicines, other consumer goods |
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| Exports - partners | France 19.3%, Germany 11.4%, Portugal 9.6%, UK 8.4%, Italy 8.4%, US 4.1% (2005) |
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| Imports | $324.4 billion f.o.b. (2006 est.) |
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| Imports - commodities | machinery and equipment, fuels, chemicals, semifinished goods, foodstuffs, consumer goods, measuring and medical control instruments |
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| Imports - partners | Germany 15.3%, France 14.7%, Italy 8.6%, UK 5.8%, Netherlands 5%, China 4.2% (2005) |
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| Debt - external | $1.591 trillion (30 June 2006 est.) |
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| Currency code | EUR |
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| Exchange rates | euros per US dollar - 0.7964 (2006), 0.8041 (2005), 0.8054 (2004), 0.886 (2003), 1.0626 (2002) |
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| Fiscal year | calendar year |
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