Economy - overview Spain's mixed capitalist economy supports a GDP that on a per capita basis is 80% that of the four leading West European economies. Its center-right government successfully worked to gain admission to the first group of countries launching the European single currency on 1 January 1999. The AZNAR administration has continued to advocate liberalization, privatization, and deregulation of the economy and has introduced some tax reforms to that end. Unemployment has been steadily falling under the AZNAR administration but remains the highest in the EU at 13%. The government intends to make further progress in changing labor laws and reforming pension schemes, which are key to the sustainability of both Spain's internal economic advances and its competitiveness in a single currency area. Adjusting to the monetary and other economic policies of an integrated Europe - and further reducing unemployment - will pose challenges to Spain over the next few years.

GDP purchasing power parity - $757 billion (2001 est.)

GDP - real growth rate 2.8% (2001 est.)

GDP - per capita purchasing power parity - $18,900 (2001 est.)

GDP - composition by sector
agriculture: 4%
industry: 28%
services: 68% (2000 est.)

Population below poverty line NA%

Household income or consumption by percentage share
lowest 10%: 2.8%
highest 10%: 25.2% (1990)

Distribution of family income - Gini index 32.5 (1990)

Inflation rate (consumer prices) 3.8% (2001 est.)

Labor force 17.1 million (2001)

Labor force - by occupation services 64%, manufacturing, mining, and construction 29%, agriculture 7% (2001 est.)

Unemployment rate 13% (2001 est.)

Budget
revenues: $105 billion
expenditures: $109 billion, including capital expenditures of $12.8 billion (2000 est.)

Industries textiles and apparel (including footwear), food and beverages, metals and metal manufactures, chemicals, shipbuilding, automobiles, machine tools, tourism

Industrial production growth rate 1% (2001 est.)

Electricity - production 211.64 billion kWh (2000)

Electricity - production by source
fossil fuel: 56.78%
hydro: 12.49%
other: 2.9% (2000)
nuclear: 27.83%

Electricity - consumption 201.159 billion kWh (2000)

Electricity - exports 7.832 billion kWh (2000)

Electricity - imports 12.166 billion kWh (2000)

Agriculture - products grain, vegetables, olives, wine grapes, sugar beets, citrus; beef, pork, poultry, dairy products; fish

Exports $118.6 billion (f.o.b., 2001 est.)

Exports - commodities machinery, motor vehicles; foodstuffs, other consumer goods

Exports - partners EU 71.2% (France 19.6%, Germany 11.8%, Portugal 9.9%, Italy 9%, UK 9%), US 4.4%, Latin America 4% (January-October 2001)

Imports $150.5 billion (f.o.b., 2001 est.)

Imports - commodities machinery and equipment, fuels, chemicals, semifinished goods; foodstuffs, consumer goods (1997)

Imports - partners EU 63.1% (France 16.4%, Germany 15.5%, Italy 9%, UK 6.9%, Benelux 3.5%), OPEC 5%, US 4.5%, Japan 2.5%, Latin America 2% (January-October 2001)

Debt - external $90 billion (1993 est.)

Economic aid - donor ODA, $1.33 billion (1999)

Currency euro (EUR); Spanish peseta (ESP)
note: on 1 January 1999, the European Monetary Union introduced the euro as a common currency to be used by the financial institutions of member countries; on 1 January 2002, the euro became the sole currency for everyday transactions with the member countries

Currency code EUR; ESP

Exchange rates euros per US dollar - 1.1324 (January 2002), 1.1175 (2001), 1.0854 (2000), 0.9386 (1999); pesetas per US dollar - 149.40 (1998), 146.41 (1997)

Fiscal year calendar year

NOTE: The information regarding Spain on this page is re-published from the 2002 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Spain Economy 2002 information contained here. All suggestions for corrections of any errors about Spain Economy 2002 should be addressed to the CIA.