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Spain Economy 2008

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 equal to that of the leading West European economies. The center-right government of former President Jose Maria 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 7.6%. Growth averaging more than 3% annually during 2003-07 was satisfactory given the background of a faltering European economy. The Socialist president, Jose Luis Rodriguez ZAPATERO, has made mixed progress in carrying out key structural reforms, which need to be accelerated and deepened to sustain Spain's 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.
GDP (purchasing power parity): $1.361 trillion (2007 est.)
GDP (official exchange rate): $1.439 trillion (2007 est.)
GDP - real growth rate: 3.8% (2007 est.)
GDP - per capita (PPP): $33,600 (2007 est.)
GDP - composition by sector: agriculture: 3.6% industry: 30.2% services: 66.1% (2007 est.)
Labor force: 22.19 million (2007 est.)
Labor force - by occupation: agriculture: 5.3% industry: 30.1% services: 64.6% (2004 est.)
Unemployment rate: 8.3% (2007 est.)
Household income or consumption by percentage share: lowest 10%: 2.6% highest 10%: 26.6% (2000)
Distribution of family income - Gini index: 32 (2005)
Investment (gross fixed): 31.1% of GDP (2007 est.)
Budget: revenues: $588.5 billion expenditures: $556.5 billion (2007 est.)
Public debt: 36.2% of GDP (2007 est.)
Inflation rate (consumer prices): 2.8% (2007 est.)
Central bank discount rate: NA
Commercial bank prime lending rate: 9.89% (31 December 2007)
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 15 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 (31 December 2007)
Stock of domestic credit: $3.177 trillion (31 December 2007)
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: 3.1% (2007 est.)
Electricity - production: 287.4 billion kWh (2007 est.)
Electricity - consumption: 254.1 billion kWh (2006 est.)
Electricity - exports: 14.52 billion kWh (2007 est.)
Electricity - imports: 8.773 billion kWh (2007 est.)
Oil - production: 29,000 bbl/day (2007 est.)
Oil - consumption: 1.611 million bbl/day (2007 est.)
Oil - exports: 181,800 bbl/day (2005)
Oil - imports: 1.777 million bbl/day (2005)
Oil - proved reserves: 150 million bbl (1 January 2008 est.)
Natural gas - production: 88 million cu m (2007 est.)
Natural gas - consumption: 34.43 billion cu m (2007 est.)
Natural gas - exports: 0 cu m (2007 est.)
Natural gas - imports: 34.47 billion cu m (2007 est.)
Natural gas - proved reserves: 2.548 billion cu m (1 January 2008 est.)
Current account balance: -$145.3 billion (2007 est.)
Exports: $256.7 billion f.o.b. (2007 est.)
Exports - commodities: machinery, motor vehicles; foodstuffs, pharmaceuticals, medicines, other consumer goods
Exports - partners: France 18.8%, Germany 10.8%, Portugal 8.6%, Italy 8.5%, UK 7.6%, US 4.2% (2007)
Imports: $380.2 billion f.o.b. (2007 est.)
Imports - commodities: machinery and equipment, fuels, chemicals, semifinished goods, foodstuffs, consumer goods, measuring and medical control instruments
Imports - partners: Germany 15.7%, France 12.7%, Italy 8.4%, China 5.8%, UK 4.8%, Netherlands 4.6% (2007)
Reserves of foreign exchange and gold: $19.05 billion (31 December 2007 est.)
Debt - external: $1.084 trillion (30 June 2007 est.)
Stock of direct foreign investment - at home: $568.8 billion (2007 est.)
Stock of direct foreign investment - abroad: $681.7 billion (2007 est.)
Market value of publicly traded shares: $960 billion (2005)
Currency (code): euro (EUR)
Exchange rates: euros (EUR) per US dollar - 0.7345 (2007), 0.7964 (2006), 0.8041 (2005), 0.8054 (2004), 0.886 (2003)

NOTE: The economy information regarding Spain on this page is re-published from the 2008 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Spain Economy 2008 information contained here. All suggestions for corrections of any errors about Spain Economy 2008 should be addressed to the CIA.