Spain--Economy
CIA FactbookThe World Factbook 1993: Spain Economy

Overview: Spain has done well since joining the EC in 1986. Foreign and domestic investments have spurred GDP growth at an annual average of more than 4% in 1986-91. As of 1 January 1993, Spain has wholly liberalized its trade and capital markets to EC standards, including integrating agriculture two years ahead of schedule. Beginning in 1989, Madrid implemented a tight monetary policy to fight 7% inflation. As a result of this action and the worldwide decline in economic growth, Spain's growth rate declined to 1% in 1992. Spain faces a likely recession in first half 1993. The government expects a recovery in the second half, but this depends on stepped-up growth in Germany and France. The slowdown in growth - along with displacements caused by structural adjustments in preparation for the EC single market - has pushed an already high unemployment rate up to 19%. However, many people listed as unemployed work in the underground economy. If the government can stick to its tough economic policies and push further structural reforms, the economy will emerge stronger at the end of the 1990s.

National product: GDP - purchasing power equivalent - $514.9 billion (1992)

National product real growth rate: 1% (1992)

National product per capita: $13,200 (1992)

Inflation rate (consumer prices): 6% (1992 est.)

Unemployment rate: 19% (yearend 1992)

Budget: revenues $122.9 billion; expenditures $140.2 billion, including capital expenditures of $NA (1992 est.)

Exports: $62 billion (f.o.b., 1992 est.) commodities: cars and trucks, semifinished manufactured goods, foodstuffs, machinery partners: EC 71.0%, US 4.9%, other developed countries 7.9% (1991) Imports: $100 billion (c.i.f., 1992 est.) commodities: machinery, transport equipment, fuels, semifinished goods, foodstuffs, consumer goods, chemicals partners: EC 60.0%, US 8.0%, other developed countries 11.5%, Middle East 2.6% (1991)

External debt: $67.5 billion (1992 est.)

Industrial production: growth rate 0.6% (1992 est.)

Electricity: 46,600,000 kW capacity; 157,000 million kWh produced, 4,000 kWh per capita (1992)

Industries: textiles and apparel (including footwear), food and beverages, metals and metal manufactures, chemicals, shipbuilding, automobiles, machine tools, tourism

Agriculture: accounts for about 5% of GDP and 14% of labor force; major products - grain, vegetables, olives, wine grapes, sugar beets, citrus fruit, beef, pork, poultry, dairy; largely self-sufficient in food; fish catch of 1.4 million metric tons is among top 20 nations

Illicit drugs: key European gateway country for Latin American cocaine entering the European market

Economic aid: US commitments, including Ex-Im (FY70-87), $1.9 billion; Western (non-US) countries, ODA and OOF bilateral commitments (1970-79), $545.0 million; not currently a recipient

Currency: 1 peseta (Pta)=100 centimos

Exchange rates: pesetas (Ptas) per US$1 - 114.59 (January 1993), 102.38 (1992), 103.91 (1991), 101.93 (1990), 118.38 (1989), 116.49 (1988)

Fiscal year: calendar year