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Spain's powerful world empire of the 16th and 17th centuries ultimately yielded command of the seas to England. Subsequent failure to embrace the mercantile and industrial revolutions caused the country to fall behind Britain, France, and Germany in economic and political power. Spain remained neutral in World Wars I and II but suffered through a devastating civil war (1936-39). A peaceful transition to democracy following the death of dictator Francisco FRANCO in 1975, and rapid economic modernization (Spain joined the EU in 1986) gave Spain a dynamic and rapidly growing economy and made it a global champion of freedom and human rights. The government's major focus for the immediate future will be on measures to reverse the severe economic recession that started in mid-2008.


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Economy

Economy - overview
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.

Gdp (purchasing power parity) World Ranking: 14
$1.432 trillion (2011 est.)
$1.421 trillion (2010 est.)
$1.422 trillion (2009 est.)
Note Data are in 2011 US dollars

Gdp (official exchange rate)
$1.494 trillion (2011 est.)

Gdp - real growth rate World Ranking: 183
0.7% (2011 est.)
-0.1% (2010 est.)
-3.7% (2009 est.)

Gdp - per capita (ppp) World Ranking: 43
$31,000 (2011 est.)
$30,900 (2010 est.)
$31,000 (2009 est.)
Note Data are in 2011 US dollars

Gdp - composition by sector
Agriculture 3.2%
Industry 25.8%
Services 71% (2011 est.)

Labor force World Ranking: 28
23.1 million (2011 est.)

Labor force - by occupation
Agriculture 4.2%
Industry 24%
Services 71.7% (2009 est.)

Unemployment rate World Ranking: 167
21.7% (2011 est.)
20.1% (2010 est.)

Population below poverty line
19.8% (2005)

Household income or consumption by percentage share
Lowest 10% 2.6%
Highest 10% 26.6% (2000)

Distribution of family income - gini index World Ranking: 104
32 (2005)
32.5 (1990)

Investment (gross fixed) World Ranking: 71
21.7% of GDP (2011 est.)

Budget
Revenues $545.2 billion
Expenditures $672.1 billion (2011 est.)

Taxes and other revenues World Ranking: 61
36.5% of GDP (2011 est.)

Budget surplus (+) or deficit (-) World Ranking: 189
-8.5% of GDP (2011 est.)

Public debt World Ranking: 34
68.1% of GDP (2011 est.)
61.1% of GDP (2010 est.)

Inflation rate (consumer prices) World Ranking: 61
3.1% (2011 est.)
2% (2010 est.)

Central bank discount rate World Ranking: 127
1.75% (31 December 2011)
1.75% (31 December 2010)
Note
This is the European Central Bank's rate on the marginal lending facility, which offers overnight credit to banks in the euro area

Commercial bank prime lending rate World Ranking: 133
8.3% (31 December 2011 est.)
7.223% (31 December 2010 est.)

Stock of narrow money World Ranking: 8
$778.1 billion (31 December 2011 est.)
$811 billion (31 December 2010 est.)
Note
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

Stock of broad money World Ranking: 8
$2.488 trillion (31 December 2011 est.)
$2.388 trillion (31 December 2010 est.)

Stock of domestic credit World Ranking: 8
$3.683 trillion (31 December 2009 est.)
$3.451 trillion (31 December 2008 est.)

Market value of publicly traded shares World Ranking: 14
$1.031 trillion (31 December 2011)
$1.172 trillion (31 December 2010)
$1.297 trillion (31 December 2009)

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

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

Industrial production growth rate World Ranking: 153
-1.4% (2011 est.)

Electricity - production World Ranking: 13
275.1 billion kWh (2009 est.)

Electricity - consumption World Ranking: 14
267.5 billion kWh (2008 est.)

Electricity - exports
14.86 billion kWh (2009 est.)

Electricity - imports
8.104 billion kWh (2009 est.)

Oil - production World Ranking: 70
29,970 bbl/day (2010 est.)

Oil - consumption World Ranking: 17
1.441 million bbl/day (2010 est.)

Oil - exports World Ranking: 48
240,700 bbl/day (2009 est.)

Oil - imports World Ranking: 12
1.584 million bbl/day (2009 est.)

Oil - proved reserves World Ranking: 63
150 million bbl (1 January 2011 est.)

Natural gas - production World Ranking: 84
48 million cu m (2010 est.)

Natural gas - consumption World Ranking: 26
35.82 billion cu m (2010 est.)

Natural gas - exports World Ranking: 37
1.152 billion cu m (2010 est.)

Natural gas - imports World Ranking: 11
36.71 billion cu m (2010 est.)

Natural gas - proved reserves World Ranking: 96
2.548 billion cu m (1 January 2011 est.)

Current account balance World Ranking: 188
-$55.1 billion (2011 est.)
-$64.34 billion (2010 est.)

Exports World Ranking: 20
$303.6 billion (2011 est.)
$253 billion (2010 est.)

Exports - commodities
Machinery, motor vehicles; foodstuffs, pharmaceuticals, medicines, other consumer goods

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

Imports World Ranking: 15
$363.1 billion (2011 est.)
$315.3 billion (2010 est.)

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

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

Reserves of foreign exchange and gold World Ranking: 41
$47.1 billion (31 December 2011 est.)
$31.91 billion (31 December 2010 est.)

Debt - external World Ranking: 9
$2.57 trillion (30 June 2011)
$2.166 trillion (30 June 2010)

Stock of direct foreign investment - at home World Ranking: 8
$641.5 billion (31 December 2011 est.)
$621.8 billion (31 December 2010 est.)

Stock of direct foreign investment - abroad World Ranking: 10
$662.9 billion (31 December 2011 est.)
$644.4 billion (31 December 2010 est.)

Exchange rates
Euros (EUR) per US dollar -
0.7194 (2011 est.)
0.755 (2010 est.)
0.7198 (2009 est.)
0.6827 (2008 est.)
0.7345 (2007 est.)

Fiscal year
Calendar year


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