Spain/

Spain’s mixed capitalist economy is the 12th 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 0.4% in 2010, making Spain the last major economy to emerge from the global recession. The reversal in Spain’s economic growth reflects a significant decline in the construction sector, an oversupply of housing, falling consumer spending, and slumping exports. 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 20% in 2010. The government budget deficit worsened from 3.8% of GDP in 2008 to about 9.7% of GDP in 2010, more than three times the euro-zone limit. 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 intervened in one regional savings bank in 2009, and 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.

$1.374 trillion (2010 est.)

$1.379 trillion (2009 est.)

$1.432 trillion (2008 est.)

$1.375 trillion (2010 est.)

-0.4% (2010 est.)

-3.7% (2009 est.)

0.9% (2008 est.)

$29,500 (2010 est.)

$29,800 (2009 est.)

$31,200 (2008 est.)

22.96 million (2010 est.)

20% (2010 est.)

18.1% (2009 est.)

19.8% (2005)

32 (2005)

32.5 (1990)

22.9% of GDP (2010 est.)

63.4% of GDP (2010 est.)

53.2% of GDP (2009 est.)

1.3% (2010 est.)

-0.3% (2009 est.)

1.75% (31 December 2009)

3% (31 December 2008)

10.72% (31 December 2009 est.)

11.02% (31 December 2008 est.)

$849.2 billion (31 December 2010 est)

$856.5 billion (31 December 2009 est)

$2.264 trillion (31 December 2010 est.)

$2.451 trillion (31 December 2009 est.)

$3.683 trillion (31 December 2009 est.)

$3.451 trillion (31 December 2008 est.)

$1.297 trillion (31 December 2009)

$946.1 billion (31 December 2008)

$1.8 trillion (31 December 2007)

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

-2% (2010 est.)

300.5 billion kWh (2008 est.)

276.1 billion kWh (2008 est.)

16.92 billion kWh (2008 est.)

5.88 billion kWh (2008 est.)

27,230 bbl/day (2009 est.)

1.482 million bbl/day (2009 est.)

218,600 bbl/day (2008 est.)

1.716 million bbl/day (2008 est.)

150 million bbl (1 January 2010 est.)

13 million cu m (2009 est.)

33.88 billion cu m (2009 est.)

975 million cu m (2009 est.)

34.67 billion cu m (2009 est.)

2.548 billion cu m (1 January 2010 est.)

-$66.74 billion (2010 est.)

-$80.38 billion (2009 est.)

$268.3 billion (2010 est.)

$224 billion (2009 est.)

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

France 19.27%, Germany 11.11%, Portugal 9.21%, Italy 8.24%, UK 6.18% (2009)

$324.6 billion (2010 est.)

$286.8 billion (2009 est.)

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

Germany 15.02%, France 12.82%, Italy 7.17%, China 5.8%, Netherlands 5.22%, UK 4.7% (2009)

$NA (31 December 2010 est.)

$28.2 billion (31 December 2009 est.)

$2.166 trillion (30 June 2010)

$2.317 trillion (31 December 2008)

$668.5 billion (31 December 2010 est.)

$664 billion (31 December 2009 est.)

$641 billion (31 December 2010 est.)

$634.4 billion (31 December 2009 est.)

euros (EUR) per US dollar - 0.7715 (2010), 0.7179 (2009), 0.6827 (2008), 0.7345 (2007), 0.7964 (2006)