Spain - Economy
How is the economy of Spain? Based on the information we have, Spain has a
high-income, core-EU and eurozone economy; strong growth driven by public consumption, tourism, and other service exports; tight labor market despite high structural unemployment; efforts to narrow persistent fiscal deficits through tax and spending measures; high but declining unemployment supported by job growth and immigration
. Key agricultural products in this country include: milk, olives, pork, grapes, wheat, tomatoes, barley, sugar beets, maize, oranges (2023).More about the economy of Spain
| Labor force | 24.15 million (2024 est.) |
|---|---|
| Industrial production growth rate | 1.07% (2023 est.) |
| Industries | textiles and apparel (including footwear), food and beverages, metals and metal manufactures, chemicals, shipbuilding, automobiles, machine tools, tourism, clay and refractory products, footwear, pharmaceuticals, medical equipment |
| Population below poverty line | 20.2% (2022 est.) |
| Taxes and other revenues | 15% (of GDP) (2023 est.) |
| Fiscal year | |
| Exchange rates | |
| Currency | euros (EUR) per US dollar - |
| Exchange rates 2024 | 0.924 (2024 est.) |
| Exchange rates 2023 | 0.925 (2023 est.) |
| Exchange rates 2022 | 0.95 (2022 est.) |
| Exchange rates 2021 | 0.845 (2021 est.) |
| Exchange rates 2020 | 0.876 (2020 est.) |
| Reserves of foreign exchange and gold | |
| Reserves of foreign exchange and gold 2024 | $84.154 billion (2024 est.) |
| Reserves of foreign exchange and gold 2023 | $103.089 billion (2023 est.) |
| Reserves of foreign exchange and gold 2022 | $92.905 billion (2022 est.) |
| Current account balance | |
| Current account balance 2023 | $43.012 billion (2023 est.) |
| Current account balance 2022 | $4.482 billion (2022 est.) |
| Current account balance 2021 | $11.179 billion (2021 est.) |
| Public debt | |
| Public debt 2023 | 107.3% of GDP (2023 est.) |
| Budget | |
| Revenues | $467.609 billion (2022 est.) |
| Expenditures | $514.452 billion (2022 est.) |
| Budget surplus (+) or deficit (-) | |
| Remittances | |
| Remittances 2023 | 0.33% of GDP (2023 est.) |
| Remittances 2022 | 0.3% of GDP (2022 est.) |
| Remittances 2021 | 0.27% of GDP (2021 est.) |
| Household income | |
| Lowest 10% | 2.2% (2021 est.) |
| Highest 10% | 24.7% (2021 est.) |
| Average household expenditures | |
| On food | 12.9% of household expenditures (2023 est.) |
| On alcohol and tobacco | 4% of household expenditures (2023 est.) |
| Imports | |
| Imports 2023 | $552.948 billion (2023 est.) |
| Imports 2022 | $561.448 billion (2022 est.) |
| Imports 2021 | $478.032 billion (2021 est.) |
| Imports (partners) | Germany 11%, China 10%, France 10%, Italy 7%, USA 7% (2023) |
| Comodities Imports force | crude petroleum, cars, garments, vehicle parts/accessories, natural gas (2023) |
| Exports | |
| Imports 2023 | $552.948 billion (2023 est.) |
| Imports 2022 | $561.448 billion (2022 est.) |
| Imports 2021 | $478.032 billion (2021 est.) |
| Exports (partners) | France 15%, Germany 10%, Portugal 9%, Italy 9%, UK 6% (2023) |
| Comodities Exports force | cars, packaged medicine, refined petroleum, vehicle parts/accessories, garments (2023) |
| Real GDP (purchasing power parity) | |
| Real GDP (purchasing power parity) 2023 | $2.279 trillion (2023 est.) |
| Real GDP (purchasing power parity) 2022 | $2.22 trillion (2022 est.) |
| Real GDP (purchasing power parity) 2021 | $2.091 trillion (2021 est.) |
| GDP (official exchange rate) | $1.62 trillion (2023 est.) |
| Real GDP Per capita | |
| Real GDP per capita 2023 | $47,100 (2023 est.) |
| Real GDP per capita 2022 | $46,500 (2022 est.) |
| Real GDP per capita 2021 | $44,100 (2021 est.) |
| GDP - composition, by sector of origin | |
| Agriculture | 2.5% (2023 est.) |
| Industry | 20.1% (2023 est.) |
| Services | 68.7% (2023 est.) |
| GDP - composition, by end use | |
| Household consumption | 54.3% (2023 est.) |
| Government consumption | 19.5% (2023 est.) |
| Investment in fixed capital | 19.7% (2023 est.) |
| Investment in inventories | 1.3% (2023 est.) |
| Exports of goods and services | 38.1% (2023 est.) |
| Imports of goods and services | -34.1% (2023 est.) |
| Unemployment rate | |
| Unemployment rate 2024 | 11.4% (2024 est.) |
| Unemployment rate 2023 | 12.2% (2023 est.) |
| Unemployment rate 2022 | 12.9% (2022 est.) |
| Youth unemployment rate (ages 15-24) | |
| Total | 27% (2024 est.) |
| Male | 26.4% (2024 est.) |
| Female | 27.7% (2024 est.) |
All Important Facts about Spain
Want to know more about Spain? Check all different factbooks for Spain below.
