Economy of Spain
Spain has the fourteenth-largest economy by nominal GDP in the world. and sixteenth-largest by purchasing power parity. Spain 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 the European Union, 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 World Bank, thus it is classified as high income economy and among the countries of very high human development. However, since the financial crisis of 2007-08, the Spanish economy's recent macroeconomic performance has been poor. Between 2008 and 2012, the economic boom of the 2000s was reversed, leaving over a quarter of Spain's workforce unemployed by 2012. In 2012, the Spanish economy contracted by 1.4% and was in recession until Q3 of 2013.
During the boom years, Spain had built up a trade deficit eventually reaching a record amounting to 10% of GDP (2007). Then, during the economic downturn, Spain significantly reduced imports, increased exports and kept attracting growing numbers of tourists; as a result, after three decades of running a trade deficit the country attained in 2013 a trade surplus which has strengthened during 2014 and 2015. Exports in 2014 were 34% of GDP, up from 24% in 2009.In 2015 the Spanish GDP grew by 3.2%, a rate not seen since 2007, before the crisis struck; such growth rate in 2015 was the highest among larger EU economies, which got some international analysts to refer to Spain's current recovery as "the showcase for structural reform efforts".SectorsExternal Trade
Traditionally until 2008, most exports and imports from Spain were held with the countries of the European Union: France, Germany, Italy, UK and Portugal.
After the crisis that began in 2008 and the fall of the domestic market, Spain (since 2010) it has turned outwards widely increasing the export supply and export amounts. Have diversified the traditional destinations and have grown significantly in product sales of medium and high technology, including highly competitive markets like the US and Asia. Tourism
During the last four decades Spain's foreign tourist industry has grown into the second-biggest in the world and was worth approximately €40 billion - about 5% of GDP, in 2006. The total value of foreign and domestic tourism came to nearly 11% of the country's GDP and provided employment for about 2 million people. In August 2012 Spain beat its own record of monthly arrivals, having registered 7.9 million visitors. Automotive industry
The automotive industry is one of the largest employers in the country. By 2009 it employed 9% of the total workforce and contributed to 3.3% of the Spanish GDP. In 2008 the contribution of the automobile industry rose up to 18% of the country's total exports, becoming the 2nd most exported industry. In 2014 Spain produced over 2.4 million cars which made it the 9th largest automobile producer country in the world and the 2nd largest car manufacturer in Europe after Germany. Energy
Spain is one of the world leaders in renewable energies, both as a producer of renewable energy itself and as an exporter of such technology. In 2013 it became the first country ever in the world to have wind power as its main source of energy. Agribusiness
Agribusiness has been another segment growing aggressively over the last few years. At slightly over 40 billion euros, in 2015 agribusiness exports accounted for 3% of GDP and over 15% of the total Spanish exports.
By 2012 Spain was by far the biggest producer of olive oil in the world, accounting for 50% of the total production worldwide. By 2013 the country became the world's leading producer of wine; in 2014 and 2015 Spain was the world's biggest wine exporter. Spain is the largest producer and exporter in the EU of citrus fruit (oranges, lemons and small citrus fruits), peaches and apricots. It is also the largest producer and exporter of strawberries in the EU.
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