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 24.386 million (2024 est.)
Industrial production growth rate 2.6% (2024 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 $107.774 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 2024 $52.182 billion (2024 est.)
Current account balance 2023 $43.012 billion (2023 est.)
Current account balance 2022 $4.482 billion (2022 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 2024 0.4% of GDP (2024 est.)
Remittances 2023 0.3% of GDP (2023 est.)
Remittances 2022 0.3% of GDP (2022 est.)
Household income
Lowest 10% 2.3% (2022 est.)
Highest 10% 24.8% (2022 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 2024 $568.502 billion (2024 est.)
Imports 2023 $552.948 billion (2023 est.)
Imports 2022 $561.448 billion (2022 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 2024 $568.502 billion (2024 est.)
Imports 2023 $552.948 billion (2023 est.)
Imports 2022 $561.448 billion (2022 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) 2024 $2.361 trillion (2024 est.)
Real GDP (purchasing power parity) 2023 $2.289 trillion (2023 est.)
Real GDP (purchasing power parity) 2022 $2.229 trillion (2022 est.)
GDP (official exchange rate) $1.723 trillion (2024 est.)
Real GDP Per capita
Real GDP per capita 2024 $48,400 (2024 est.)
Real GDP per capita 2023 $47,300 (2023 est.)
Real GDP per capita 2022 $46,600 (2022 est.)
GDP - composition, by sector of origin
Agriculture 2.5% (2024 est.)
Industry 19.5% (2024 est.)
Services 69.1% (2024 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 13% (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.

Spain is found in Southern Europe