
Spain’s economy is expected to grow at a moderate pace in 2019 and 2020. Favourable financial conditions and continued solid employment growth is expected to Spain’s support domestic demand, which will remain the main driver of growth. Risks to Spain’s economy are expected to show lower-than-projected growth in Europe, Spain's main export destination, which would undermine exports.
Travel and tourism, olive oil, wine, pork, automotive, metals, petroleum, transport, textiles, chemicals and ICT are major industries of Spain. In 2017, Agriculture industry contributed 2.69% to GDP of Spain. Manufacturing had a share of 21.87% while services industry had a share of 66.11% of GDP in 2017.
In 2017, Services industry exports was valued at USD 139 billion for Spain. Electronics export accounted for USD 16.6 billion, machinery for USD 30.6 billion, vehicles for USD 64.6 billion, chemicals for USD 48.8 billion, metals for USD 26.1 billion, minerals for USD 22.5 billion, textiles for USD 24.9 billion and agriculture for USD 62.7 billion in 2017.

Spain, officially the Kingdom of Spain, is a sovereign state and a member state of the European Union. It is located on the Iberian Peninsula in southwestern Europe. Spain's mainland is bordered to the south and east by the Mediterranean Sea except for a small land boundary with Gibraltar, to the north and north east by France, Andorra, and the Bay of Biscay, and to the west and northwest by Portugal and the Atlantic Ocean. It is one of three countries; the other two being Morocco and France, have both Atlantic and Mediterranean coastlines.
Spain had estimated population of 46.656 million in the year 2019 and expected to reach 47.655 million by 2024. Spain’s 19.638 million people were employed in 2019 and the unemployment rate was 14.249% of total labor force.
Spain’s real gross domestic product (GDP) was around Euro 1193.70 billion in 2019 whereas the nominal GDP was Euro 1249.74 billion. This resulted in GDP deflator 104.695 in 2019. In 2019 Spain’s per capita GDP was estimated at USD 30631.33 whereas purchasing power parity (PPP) based per capita GDP was estimated to be at USD 41538.07.
The output gap for Spain in 2019 was at 0.688% of the potential GDP.
In 2019, Spanish government’s revenue was estimated to be Euro 485.819 billion whereas the expenditure was estimated at Euro 514.231 billion. This resulted Spanish government’s net lending / borrowing negative at Euro 28.412 billion in 2019 indicating that enough financial resources were not made available by the government to boost economic growth.
The current account balance for Spain is estimated to be at USD 11.762 billion for the year 2019 and is expected to decrease at a CAGR of 7.08% and reach USD 14.527 by 2024. This positive current account balance indicates the Spain is net lender to the whole world.
In World Bank’s ease of doing business ranking Spain was ranked 30 out of 190 countries in 2018. Spain’s ease of doing business ranking slipped from 28th position in 2017.
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