Economy of Spain

Economy of Spain

Madrid
Currency	1 euro (€1) = 1.05 USD
Fiscal year	Calendar year
Trade organizations	EU, WTO and OECD
Statistics
GDP	$1.252 trillion (nominal, 2016) $1.768 trillion (PPP, 2017)
GDP rank	14th (nominal) / 16th (PPP)
GDP growth	3.2 (2016)
Gini coefficient	31.0 (2014)
Labour force	23 million (2014)
Labour force by occupation	services (70.7%), industry (14.1%), construction (9.9%), agriculture, farming and fishing (4.5%), energy (0.7%) (September 2009)
Unemployment	18.6% (Q4 2016)
Average gross salary	€25,700/ $29,000(2015)
Average net salary	€20,600/ $22,000(2015)
Main industries	Machinery, machine tools, metals and metal manufactures, chemicals, pharmaceuticals, shipbuilding, automobiles, tourism, textiles and apparel (including footwear), food and beverages.
Ease-of-doing-business rank	32nd (2017)
External
Export goods	Machinery, motor vehicles, chemicals, shipbuilding, foodstuffs, electronic devices, pharmaceuticals and medicines, other consumer goods
Main export partners	France 15.7%  Germany 11%  Italy 7.4%  United Kingdom 7.4%  Portugal 7.1%  United States 4.5%(2015)
Import goods	Fuels, chemicals, semi-finished goods, foodstuffs, consumer goods, measuring and medical control instruments, machinery and equipment
Main import partners	Germany 14.4%  France 11.7%  China 7.1%  Italy 6.5%  Netherlands 5%  United Kingdom 4.9% (2015)
FDI stock	$0.7 trillion (31 December 2009 est.)
Gross external debt	$1.3 trillion(2013)
Public finances
Public debt	99.3% of GDP (2014)
Revenues	$0.5 trillion (2010 est.)
Expenses	$0.6 trillion (2010 est.)
Credit rating	Standard & Poor's: BBB+ (Domestic) BBB+ (Foreign) AAA (T&C Assessment) Outlook: Stable Moody's: Baa3 Outlook: Stable Fitch: BBB+ Outlook: Stable
Foreign reserves	$0.05 trillion (Aug 2014)
Main data source: CIA World Fact Book All values, unless otherwise stated, are in US dollars.

Spain has the fourteenth-largest economy by nominal GDP in the world, and it is also among the largest in the world by purchasing power parity. The country is a member of the European Union, the Organization for Economic Co-operation and Development, and the World Trade Organization.

The Spanish economy is the fifth-largest in Europe behind Germany, United Kingdom, Italy and France; and the fourth-largest in the Eurozone, based on nominal GDP statistics. In 2012, Spain was the twelfth-largest exporter in the world and the sixteenth-largest importer.

Spain is listed 23rd in UN Human Development Index and 30th in GDP (PPP) per capita by the World Bank, thus it is classified as a high income economy and among the countries of very high human development. According to The Economist, Spain has the world's 10th highest quality of life. Spain has also the biggest life expectancy in Europe.

Following the financial crisis of 2007–08, the Spanish economy's plunged into recession, entering a cycle of negative macroeconomic performance. Compared to the EU's and US. average, the Spanish economy entered recession later (the economy was still growing by 2008), but stayed there for longer. The economic boom of the 2000s was reversed, leaving over a quarter of Spain's workforce unemployed by 2012. In aggregated terms, the Spanish GDP contracted by almost 9% during the 2009-2013 period.