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Spain Economy 2010
https://workmall.com/wfb2010/spain/spain_economy.html
SOURCE: 2010 CIA WORLD FACTBOOK AND OTHER SOURCES

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Spain Economy 2010
SOURCE: 2010 CIA WORLD FACTBOOK AND OTHER SOURCES


Page last updated on January 27, 2010

Economy - overview:
Spain's mixed capitalist economy supports a GDP that on a per capita basis approaches that of the largest West European economies. However, after a decade of economic growth that exceeded the euro-zone average, the Spanish economy is in the midst of a sharp and prolonged recession, marked by swelling unemployment and a significant increase in the government budget deficit. Spain's unemployment rate rose from 11% in 2008 to almost 20% in 2009, and its fiscal balance deteriorated from a deficit of 3.8% of GDP in 2008 to over 10% of GDP in 2009, more than three times the euro-zone limit. The pace of GDP growth fell significantly. In 2009 GPD per capita is shrank 3.8% from 2008, ending a 16-year growth trend. The reversal in Spain's economic growth reflects a significant decline in the construction sector, falling consumer spending, and slumping exports. Government efforts to boost the economy through stimulus spending, tax breaks, and loan guarantees have not reduced the unemployment rate, which was one of the highest in the EU in 2009. The Socialist president, Jose Luis Rodriguez ZAPATERO, in office since 2004, has made mixed progress in carrying out key structural reforms, such as revamping Spain's construction-led economic growth model and enacting politically difficult reforms to the labor market. Spain's banking sector has been relatively insulated from the global financial crisis, due in part to conservative oversight by the Bank of Spain. Government intervention to rescue banks on the scale seen elsewhere in Europe in 2008 and 2009 was not necessary in Spain, although Spanish banks' high exposure to the collapsed domestic real estate market poses continued risks for the sector.

GDP (purchasing power parity):
$1.367 trillion (2009 est.)

$1.419 trillion (2008 est.)
$1.406 trillion (2007 est.)
note: data are in 2009 US dollars

GDP (official exchange rate):
$1.438 trillion (2009 est.)

GDP - real growth rate:
-3.7% (2009 est.)

0.9% (2008 est.)
3.6% (2007 est.)

GDP - per capita (PPP):
$33,700 (2009 est.)

$35,000 (2008 est.)
$34,800 (2007 est.)
note: data are in 2009 US dollars

GDP - composition by sector:
agriculture: 3.4%
industry: 26.9%
services: 69.6% (2009 est.)

Labor force:
23.04 million (2009 est.)

Labor force - by occupation:
agriculture: 4%
industry: 26.4%
services: 69.5% (2008 est.)

Unemployment rate:
18.5% (2009 est.)

11.325% (2008 est.)

Population below poverty line:
19.8% (2005)

Household income or consumption by percentage share:
lowest 10%: 2.6%
highest 10%: 26.6% (2000)

Distribution of family income - Gini index:
32 (2005)

32.5 (1990)

Investment (gross fixed):
26.6% of GDP (2009 est.)

Budget:
revenues: $489.2 billion
expenditures: $640.3 billion (2009 est.)

Public debt:
59.5% of GDP (2009 est.)

40.7% of GDP (2008 est.)

Inflation rate (consumer prices):
-0.6% (2009 est.)

4.1% (2008 est.)

Central bank discount rate:
3% (31 December 2008)

5% (31 December 2007)
note: this is the European Central Bank's rate on the marginal lending facility, which offers overnight credit to banks in the euro area

Commercial bank prime lending rate:
11.02% (31 December 2008)

Stock of money:
$NA


note: see entry for the European Union for money supply in the euro area; the European Central Bank (ECB) controls monetary policy for the 16 members of the Economic and Monetary Union (EMU); individual members of the EMU do not control the quantity of money and quasi money circulating within their own borders

Stock of quasi money:

$NA

Stock of domestic credit:
$3.45 trillion (31 December 2008)

$2.976 trillion (31 December 2007)

Market value of publicly traded shares:
$1.132 trillion (31 December 2008)

$1.8 trillion (31 December 2007)
$1.323 trillion (31 December 2006)

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:
-11.5% (2009 est.)

Electricity - production:
283.2 billion kWh (2007 est.)

Electricity - consumption:
276.1 billion kWh (2008 est.)

Electricity - exports:
16.92 billion kWh (2008 est.)

Electricity - imports:
5.88 billion kWh (2008 est.)

Oil - production:
28,130 bbl/day (2008 est.)

Oil - consumption:
1.562 million bbl/day (2008 est.)

Oil - exports:
226,900 bbl/day (2008 est.)

Oil - imports:
1.813 million bbl/day (2008 est.)

Oil - proved reserves:
150 million bbl (1 January 2009 est.)

Natural gas - production:
17 million cu m (2008 est.)

Natural gas - consumption:
38.18 billion cu m (2008 est.)

Natural gas - exports:
0 cu m (2008 est.)

Natural gas - imports:
38.59 billion cu m (2008 est.)

Natural gas - proved reserves:
2.548 billion cu m (1 January 2009 est.)

Current account balance:
$-69.46 billion (2009 est.)

$-154.1 billion (2008 est.)

Exports:
$215.7 billion (2009 est.)

$285.9 billion (2008 est.)

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

Exports - partners:
France 18.4%, Germany 10.6%, Portugal 8.7%, Italy 8%, UK 6.7%, US 4.2% (2008)

Imports:
$293.2 billion (2009 est.)

$415.5 billion (2008 est.)

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

Imports - partners:
Germany 14.5%, France 11.1%, Italy 7.4%, China 6.3%, UK 4.6%, Netherlands 4.4% (2008)

Reserves of foreign exchange and gold:
$NA (31 December 2009 est.)

$20.25 billion (31 December 2008 est.)

Debt - external:
$2.41 trillion (30 June 2009 est.)

$2.317 trillion (31 December 2008 est.)

Stock of direct foreign investment - at home:
$649.9 billion (31 December 2009 est.)

$636.5 billion (31 December 2008 est.)

Stock of direct foreign investment - abroad:
$633.3 billion (31 December 2009 est.)

$605.3 billion (31 December 2008 est.)

Exchange rates:
euros (EUR) per US dollar - 0.7338 (2009), 0.6827 (2008), 0.7345 (2007), 0.7964 (2006), 0.8041 (2005)


NOTE: The information regarding Spain on this page is re-published from the 2010 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Spain Economy 2010 information contained here. All suggestions for corrections of any errors about Spain Economy 2010 should be addressed to the CIA.






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