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Spain
Introduction
Key Economic Facts
Spain is a country located in Southwestern Europe. The
coastlines include the Bay of Biscay, Mediterranean Sea,
and Northern Atlantic Ocean. Neighboring countries include
Andorra, France, Gibraltar, Portugal, and
Morocco. Spain controls a number of
territories in northern Morocco including
several enclaves and the Canary Islands.
Spain borders the Pyrenees Mountains,
but much of the country is high plateaus. The government
system is a parliamentary monarchy; the chief of state is the
king, and the head of government is the president. Spain
has a mixed capitalist economy
in which there is a variety of
private freedom, combined with
centralized economic planning
and government regulation.
Spain is a member of the
European Union (EU).
Income Level (by per capita
GNI):
Level of Development:
GDP, PPP (current international
$):
GDP growth (annual %):
GDP per capita, PPP (current
international $):
Manufacturing, value added (%
of GDP):
Current account balance (BoP,
current US$):
Inflation, consumer prices
(annual %):
Labor force, total:
Unemployment, total (% of
total labor force) (modeled ILO
estimate):
Imports of goods and services
(current US$):
Exports of goods and services
(current US$):
Location:
Capital City:
Chief of State:
Head of Govt.:
Currency:
Major Languages:
Southern Europe
Madrid (+1 GMT)
King Felipe VI
Prime Minister Mariano Rajoy
Euro (EUR)
Castilian Spanish (official) 74%,
Catalan 17%, Galician 7%, and
Basque 2% Aranese (official in the
northwest corner of Catalonia (Vall
d'Aran) along with Catalan; <5,000
speakers) note: Aragonese, Aranese
Asturian, Basque, Calo, Catalan,
Galician, and Valencian are
recognized as regional languages
under the European Charter for
Regional or Minority Languages
Primary Religions: Roman Catholic 94%, other 6%
Calling Code: 34
Voltage: 230
Key Websites
Main Government Page:
Commerce Ministry:
Export Promotion Agency:
Investment Promotion
Agency:
lamoncloa.gob.es
minetur.gob.es
icex.es
investinspain.org
Risk Assessment (Provided by Coface)
High Income
Developed
$1,612.87 billion (2015)
3.20% (2015)
$34,727.15 (2015)
14.24% (2015)
$16.21 billion (2015)
-0.20% (2016)
23,043,451 (2016)
19.45% (2016)
$366.56 billion (2015)
$395.78 billion (2015)
GDP Composition %
Agriculture
Industry
Manufacturing
24
14
Services
74
3
*Although Manufacturing is included in the Industry figures, it is also separately
reported because it plays a critical role in economy.
Rankings
Index
Corruption Perceptions Index
EY Globalization Index
Global Competitiveness Index
Global Enabling Trade Index
Global Manufacturing Competitiveness Index
(GMCI)
Global Services Location Index
Index of Economic Freedom
International Logistics Performance Index (LPI)
Inward FDI Potential Index
KOF Index of Globalization
Networked Readiness Index (NRI)
Open Budget Index
Rank
41 / 176
20 / 60
32 / 138
15 / 136
25 / 40
Country rating: A3 - Changes in generally good but
somewhat volatile political and economic environment can
affect corporate payment behavior. A basically secure
business environment can nonetheless give rise to
occasional difficulties for companies. Corporate default
probability is quite acceptable on average.
Business Climate rating: A1 - The business environment
is very good. Corporate financial information is available and
reliable. Debt collection is efficient. Institutional quality is
very good. Intercompany transactions run smoothly in
environments rated A1.
Strengths
• Reform efforts (labor market, banking sector,
insolvency, etc.)
• Improved competitiveness and strengthened export
sectors
• Improved financial situation of businesses
• High-quality infrastructure
• Significant tourism potential
Weaknesses
• Still high level of private and public debts, very
negative net external position
• Duality of labor market, high level of structural
unemployment
• Large number of relatively unproductive small
companies
• Unity of the country threatened by separatist
movements
U.S. Embassy
Serrano 75 28006 Madrid
PSC 61, APO AE 09642
Tel: [34] 91-587-2303
http://madrid.usembassy.gov/indexbis.html
46 / 55
69 / 180
23 / 160
25 / 139
15 / 187
35 / 139
27 / 102
Country Memo Provided by: globalEDGE.msu.edu and EXPORT.GOV