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Spain: All You Need to Know....and More!

Economy

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  • Throughout the 1980's, Spain's economy boomed and in the 1990's the economic growth was checked to extent by credit squeeze and high interest rates.  Now days, Spain boasts an economy that is not only one of the largest in the EU, but also in the world!  A number of factors have contributed to this tremendous growth, one being the return of workers from overseas.  Most of these people returning to Spain invest in housing and start a small business with capital accumulated while working abroad.  Even those that return to their rural village usually take modern market - oriented agricultural pursuits.  These emigrants have seen what life is like in other parts of the world such as their household appliances, television sets, stylish clothes, and the fact that nearly everyone owns a car, not just privilleged people.  The Spanish economy is also being improved by such things as the tourism, and manufacturing industries, mining and minerals, and also agriculture.

Statistics

  • GDP per capita - purchasing power parity: $22,000
  • GDP purchasing power parity: 885.5 billion
  • GDP composition by sector: agriculture - 3.6%; industry - 28.6%; services - 67.8% (est. 2003)
  • UI rate: 11.3%
  • Public Debt: 62.7% of GDP
  • Labour force: 18.82 million
  • Labour force by occupation: agriculture - 7%; manufacturing, mining, and construction - 29%; services - 64%
  • Export Partners: France - 19.2%; Germany - 11.9%; Italy - 9.7%; Portugal - 9.3%; U.S. - 4.2%
  • GDP real growth rate: 2.4%

 

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By: Justin Fowler

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