Privacy Policy

Economy of Spain:

Spain has the thirteenth largest economy by nominal GDP in the world, and fourteenth largest by purchasing power parity. 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 eighteenth-largest exporter in the world and the sixteenth-largest importer.
Spain is regarded as the world's 23rd most developed country and is listed among the countries of very high human development. However, since the GFC, 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.^[16][17] In 2012, the Spanish economy contracted by 1.4% and was in recession until Q3 of 2013.
Despite the poor recent performance of the Spanish economy generally, Spain's international trade situation has improved. During the boom years, Spain had built up a trade deficit eventually reaching a record amounting to 10% of GDP (2007). During the economic downturn, Spain has been significantly reducing imports, increasing exports and kept attracting growing numbers of tourists. As a result, in 2013 it achieved a trade surplus for the first time in three decades.
Spain is a member of the European Union, the Organisation for Economic Co-operation and Development, and the World Trade Organisation.