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; government debt remains high amid deficit reductions; innovation and economic freedom ranked lower than EU and OECD peers. Key agricultural products in this country include: milk, barley, wheat, grapes, pork, olives, tomatoes, maize, oranges, sugar beets (2022).
More about the economy of Spain
Labor force 24.108 million (2023 est.)
Industrial production growth rate 1.94% (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 15.82% (of GDP) (2022 est.)
Fiscal year
Exchange rates
Currency euros (EUR) per US dollar -
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.)
Exchange rates 2019 0.893 (2019 est.)
Reserves of foreign exchange and gold
Reserves of foreign exchange and gold 2023 $103.089 billion (2023 est.)
Reserves of foreign exchange and gold 2022 $92.905 billion (2022 est.)
Reserves of foreign exchange and gold 2021 $92.201 billion (2021 est.)
Current account balance
Current account balance 2023 $41.094 billion (2023 est.)
Current account balance 2022 $8.095 billion (2022 est.)
Current account balance 2021 $10.893 billion (2021 est.)
Public debt
Public debt 2022 111.43% of GDP (2022 est.)
Budget
Revenues $467.609 billion (2022 est.)
Expenditures $514.452 billion (2022 est.)
Budget surplus (+) or deficit (-)
Remittances
Remittances 2023 0.31% 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 15.4% of household expenditures (2022 est.)
On alcohol and tobacco 4.3% of household expenditures (2022 est.)
Imports
Imports 2023 $550.576 billion (2023 est.)
Imports 2022 $561.49 billion (2022 est.)
Imports 2021 $479.392 billion (2021 est.)
Imports (partners) Germany 11%, China 10%, France 10%, Italy 7%, US 6% (2022)
Comodities Imports force crude petroleum, natural gas, garments, cars, vehicle parts/accessories (2022)
Exports
Imports 2023 $550.576 billion (2023 est.)
Imports 2022 $561.49 billion (2022 est.)
Imports 2021 $479.392 billion (2021 est.)
Exports (partners) France 17%, Germany 10%, Portugal 9%, Italy 8%, UK 6% (2022)
Comodities Exports force cars, refined petroleum, garments, packaged medicine, vehicle parts/accessories (2022)
Real GDP (purchasing power parity)
Real GDP (purchasing power parity) 2023 $2.242 trillion (2023 est.)
Real GDP (purchasing power parity) 2022 $2.188 trillion (2022 est.)
Real GDP (purchasing power parity) 2021 $2.068 trillion (2021 est.)
GDP (official exchange rate) $1.581 trillion (2023 est.)
Real GDP Per capita
Real GDP per capita 2023 $46,400 (2023 est.)
Real GDP per capita 2022 $45,800 (2022 est.)
Real GDP per capita 2021 $43,600 (2021 est.)
GDP - composition, by sector of origin
Agriculture 2.3% (2023 est.)
Industry 20.2% (2023 est.)
Services 68.5% (2023 est.)
GDP - composition, by end use
Household consumption 55.6% (2023 est.)
Government consumption 19.9% (2023 est.)
Investment in fixed capital 19.3% (2023 est.)
Investment in inventories 1% (2023 est.)
Exports of goods and services 39% (2023 est.)
Imports of goods and services -34.8% (2023 est.)
Unemployment rate
Unemployment rate 2023 12.14% (2023 est.)
Unemployment rate 2022 12.92% (2022 est.)
Unemployment rate 2021 14.78% (2021 est.)
Youth unemployment rate (ages 15-24)
Total 28.7% (2023 est.)
Male 28.8% (2023 est.)
Female 28.6% (2023 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