Economy of Spain

Economy - overview: Spain's mixed capitalist economy supports a GDP that on a per capita basis is three-fourths that of the four leading West European economies. Its center-right government successfully worked to gain admission to the first group of countries launching the European single currency on 1 January 1999. The AZNAR administration has continued to advocate liberalization, privatization, and deregulation of the economy and has introduced some tax reforms to that end. Unemployment, nonetheless, remains the highest in the EU at 16%. The government, for political reasons, has made only limited progress in changing labor laws or reforming pension schemes, which are key to the sustainability of both Spain's internal economic advances and its competitiveness in a single currency area. Adjustment to the monetary and other economic policies of an integrated Europe - and reducing the unacceptably high level of unemployment - will pose difficult challenges to Spain in the next few years.

GDP: purchasing power parity - $677.5 billion (1999 est.)

GDP - real growth rate: 3.6% (1999 est.)

GDP - per capita: purchasing power parity - $17,300 (1999 est.)

GDP - composition by sector:
agriculture: 3.2%
industry: 33.6%
services: 63.2% (1998 est.)

Population below poverty line: NA%

Household income or consumption by percentage share:
lowest 10%: 2.8%
highest 10%: 25.2% (1990)

Inflation rate (consumer prices): 2.3% (1999 est.)

Labor force: 16.2 million (1997 est.)

Labor force - by occupation: services 64%, manufacturing, mining, and construction 28%, agriculture 8% (1997 est.)

Unemployment rate: 16% (1999 est.)

Budget:
revenues: $115 billion
expenditures: $125 billion, including capital expenditures of $NA (1998 est.)

Industries: textiles and apparel (including footwear), food and beverages, metals and metal manufactures, chemicals, shipbuilding, automobiles, machine tools, tourism

Industrial production growth rate: 2.7% (1999 est.)

Electricity - production: 179.468 billion kWh (1999)

Electricity - production by source:
fossil fuel: 48.23%
hydro: 19.16%
nuclear: 31.23%
other: 1.38% (1998)

Electricity - consumption: 170.306 billion kWh (1998)

Electricity - exports: 5.6 billion kWh (1998)

Electricity - imports: 9 billion kWh (1998)

Agriculture - products: grain, vegetables, olives, wine grapes, sugar beets, citrus; beef, pork, poultry, dairy products; fish

Exports: $112.3 billion (f.o.b., 1999 est.)

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

Exports - partners: EU 72% (France 20%, Germany 14%, Italy 9%, Portugal 9%, UK 8%), Latin America 7%, US 4% (1998)

Imports: $137.5 billion (f.o.b., 1999 est.)

Imports - commodities: machinery and equipment, fuels, chemicals, semifinished goods; foodstuffs, consumer goods (1997)

Imports - partners: EU 67% (France 18%, Germany 15%, Italy 10%, UK 8%, Benelux 8%), US 6%, OPEC 5%, Japan 3%, Latin America 4% (1998)

Debt - external: $90 billion (1993 est.)

Economic aid - donor: ODA, $1.3 billion (1995)

Currency: 1 peseta (Pta) = 100 centimos

Exchange rates: euros per US$1 - 0.9867 (January 2000), 0.9386 (1999); pesetas (Ptas) per US$1 - 143.39 (January 1999), 149.40 (1998), 146.41 (1997), 126.66 (1996), 124.69 (1995)
note: on 1 January 1999, the EU introduced a common currency that is now being used by financial institutions in some member countries at a fixed rate of 166.386 pesetas per euro; the euro will replace the local currency in consenting countries for all transactions in 2002

Fiscal year: calendar year

See also : Spain, List of Spanish companies