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. Its center-right government 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 has continued to advocate liberalization,
privatization, and deregulation of the economy and has introduced
some tax reforms to that end. Unemployment has been steadily falling
under the AZNAR administration but remains high at 11.7%. The
government intends to make further progress in changing labor laws
and reforming pension schemes, which are key to the sustainability
of both Spain's internal economic advances and its competitiveness
in a single currency area. A general strike in mid-2002 reduced
cooperation between labor and government. Growth of 2.4% in 2003 was
satisfactory given the background of a faltering European economy.
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 - $850.7 billion (2002 est.)
GDP - real growth rate:
2% (2002 est.)
GDP - per capita:
purchasing power parity - $21,200 (2002 est.)
GDP - composition by sector:
agriculture: 4%
industry: 31%
services: 65% (2000 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% (2002 est.)
Labor force:
17.1 million (2001)
Labor force - by occupation:
services 64%, manufacturing, mining, and construction 29%,
agriculture 7% (2001 est.)
Unemployment rate:
11.3% (2002 est.)
Budget:
revenues: $105 billion
expenditures: $109 billion, including capital expenditures of $12.8
billion (2000 est.)
Industries:
textiles and apparel (including footwear), food and beverages,
metals and metal manufactures, chemicals, shipbuilding, automobiles,
machine tools, tourism
Industrial production growth rate:
1.2% (2002 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 (37257)
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 (37257)
Agriculture - products:
grain, vegetables, olives, wine grapes, sugar beets, citrus; beef,
pork, poultry, dairy products; fish
Exports:
$122.2 billion f.o.b. (2002 est.)
Exports - commodities:
machinery, motor vehicles; foodstuffs, other consumer goods
Exports - partners:
France 19%, Germany 11.4%, UK 9.6%, Portugal 9.5%, Italy 9.3%, US
4.6% (2002)
Imports:
$156.6 billion f.o.b. (2002 est.)
Imports - commodities:
machinery and equipment, fuels, chemicals, semifinished goods;
foodstuffs, consumer goods (1997)
Imports - partners:
France 17%, Germany 16.5%, Italy 8.6%, UK 6.4%, Netherlands 4.8%
(2002)
Debt - external:
$90 billion (1993 est.)
Economic aid - donor:
ODA, $1.33 billion (1999)
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 - 1.06 (2002), 1.12 (2001), 1.09 (2000), 0.94
(1999)
Fiscal year:
calendar year