Spain's mixed capitalist economy is the 13th largest in the world, and its per capita income roughly matches that of Germany and France. However, after almost 15 years of above average GDP growth, the Spanish economy began to slow in late 2007 and entered into a recession in the second quarter of 2008. GDP contracted by 3.7% in 2009, ending a 16-year growth trend, and by another 0.1% in 2010, before turning positive in 2011, making Spain the last major economy to emerge from the global recession. The reversal in Spain''s economic growth reflected a significant decline in construction amid an oversupply of housing and falling consumer spending, while exports actually have begun to grow. Government efforts to boost the economy through stimulus spending, extended unemployment benefits, and loan guarantees did not prevent a sharp rise in the unemployment rate, which rose from a low of about 8% in 2007 to over 20% in 2011. The government budget deficit worsened from 3.8% of GDP in 2008 to 9.2% of GDP in 2010, more than three times the euro-zone limit. Madrid cut the deficit to 8.5% of GDP in 2011, a larger deficit than the 6% target negotiated between Spain and the EU. Spain''s large budget deficit and poor economic growth prospects have made it vulnerable to financial contagion from other highly-indebted euro zone members despite the government''s efforts to cut spending, privatize industries, and boost competitiveness through labor market reforms. Spanish banks'' high exposure to the collapsed domestic construction and real estate market also poses a continued risk for the sector. The government oversaw a restructuring of the savings bank sector in 2010, and provided some $15 billion in capital to various institutions. Investors remain concerned that Madrid may need to bail out more troubled banks. The Bank of Spain, however, is seeking to boost confidence in the financial sector by pressuring banks to come clean about their losses and consolidate into stronger groups.

This is the European Central Bank's rate on the marginal lending facility, which offers overnight credit to banks in the euro area

$778.1 billion (31 December 2011 est.)

$811 billion (31 December 2010 est.)

See entry for the European Union for money supply in the euro area; the European Central Bank (ECB) controls monetary policy for the 17 members of the Economic and Monetary Union (EMU); individual members of the EMU do not control the quantity of money circulating within their own borders

$2.488 trillion (31 December 2011 est.)

$2.388 trillion (31 December 2010 est.)

$3.683 trillion (31 December 2009 est.)

$3.451 trillion (31 December 2008 est.)

$1.031 trillion (31 December 2011)

$1.172 trillion (31 December 2010)

$1.297 trillion (31 December 2009)

Grain, vegetables, olives, wine grapes, sugar beets, citrus; beef, pork, poultry, dairy products; fish

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

1.441 million bbl/day (2010 est.)

1.584 million bbl/day (2009 est.)

150 million bbl (1 January 2011 est.)

2.548 billion cu m (1 January 2011 est.)

Machinery, motor vehicles; foodstuffs, pharmaceuticals, medicines, other consumer goods

France 18.2%, Germany 10.4%, Portugal 8.1%, Italy 8.1%, UK 6.5% (2011)

Machinery and equipment, fuels, chemicals, semifinished goods, foodstuffs, consumer goods, measuring and medical control instruments

Germany 12.6%, France 11.5%, Italy 6.9%, China 6%, Netherlands 5%, UK 4.3%, Portugal 4% (2011)

$47.1 billion (31 December 2011 est.)

$31.91 billion (31 December 2010 est.)

$641.5 billion (31 December 2011 est.)

$621.8 billion (31 December 2010 est.)

$662.9 billion (31 December 2011 est.)

$644.4 billion (31 December 2010 est.)