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Economy of Spain

Spain is considered to be a developed nation. The developmental stage of a nation is determined by a number of factors including, but not limited to, economic prosperity, life expectancy, income equality, and quality of life. As a developed nation, Spain is able to provide its citizens with social services like public education, healthcare, and law enforcement. Citizens of developed nations enjoy a high standard of living and longer life expectancies than citizens of developing nations. Each year, Spain exports around $458 billion and imports roughly $431 billion. 16.3% of population in the country are unemployed. The total number of unemployed people in Spain is 7,562,785. In Spain, 21.1% of the population lives below the poverty line. The percentage of citizens living below the poverty line in Spain is fairly high, but is not reason for complete concern with regard to investments. Potential financial backers should look at other economic markers, including GDP, urbanization rate, and strength of currency, before making any decisions regarding investments. Government expenditure on education is 4.3% of GDP. The Gini Index of the country is 34. Spain is experiencing good equality. The majority of citizens in Spain fall within a narrow range of income, although some cases may show significant differences. Spain has a Human Development Index (HDI) of 0.869. Spain has a very high HDI score. This indicates that nearly all citizens are able to attain a desirable life because of social and economic support; citizens with a low standard of living receive aid and support and have the opportunity to advance in society. The Global Peace Index (GPI) for Spain is 1.451. Due to strong law enforcement presence and high social responsibility, Spain is very safe by international standards. The strength of legal rights index for Spain is 5. Overall, it is considered to be rather inadequate - bancrupcy and collateral laws are able to protect the rights of borrowers and lenders to some degree; credit information may be sufficient, but hardly available, or, the oppoiste case, available but not sufficient.


The currency of Spain is euro. There are several plural forms of the name 'euro'. These are euro, euros. The symbol used for this currency is €, and it is abbreviated as EUR. The euro is divided into Cent; there are 100 in one euro.

Credit rating

The depth of credit information index for Spain is 7, which means that information is mostly sufficient and quite detailed; accessibility is not a problem. According to the S&P credit-rating agency, Spain has a credit rating score of BBB+, and the prospects of this rating are stable. According to the Fitch credit-rating agency, Spain has a credit rating score of BBB+, and the prospects of this rating are stable. According to the Moody's credit-rating agency, Spain has a credit rating score of Baa2, and the prospects of this rating are positive.

Central bank

In Spain, the institution that manages the state's currency, money supply, and interest rates is called Bank of Spain. Locally, the central bank of Spain is called Banco de España. The average deposit interest rate offered by local banks in Spain is 2.5%.

Public debt

The government debt of Spain has not been calculated yet.

Tax information

The corporate tax in Spain is set at 25%. Personal income tax ranges from 20% to 49%, depending on your specific situation and income level. VAT in Spain is 21%.


The total Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) in Spain is $1572112 billion. The Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) per capita in Spain was last recorded at $34 million. PPP in Spain is considered to be below average when compared to other countries. Below average PPP indicates that citizens in this country find it difficult to purchase local goods. Local goods can include food, shelter, clothing, health care, personal care, essential furnishings, transportation and communication, laundry, and various types of insurance. Countries with below average PPP are dangerous locations for investments. The total Gross Domestic Product (GDP) in Spain is 1,393,040 billion. Based on this statistic, Spain is considered to have a large economy. Countries with large economies support a wide variety of industries and businesses, providing ample opportunities for investment. Large economies support a substantial financial sector, making it easy to organize investments and financial transactions. It should be very easy to find good opportunities for investment in Spain. The Gross Domestic Product (GDP) per capita in Spain was last recorded at $30 million. The average citizen in Spain has low wealth. Countries with low wealth per capita often have slightly lower life expectancies and lower quality of living among citizens. It can be difficult to find highly skilled workers in countries with low wealth, as it is occasionally difficult for citizens to obtain the requisite education needed for specialized industries. Labor can be found for low rates when compared with countries with higher wealth per capita. GDP Annual Growth Rate in Spain averaged 1.3% in 2014. According to this percentage, Spain is currently experiencing modest growth. Countries that are experiencing modest growth offer safe opportunities for investment; their expanding economy indicates that businesses, jobs, and income will expand accordingly. To read more about financial information click on finances of Spain.


Major industries in the country are 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. The total labor force of Spain is 22,931,820 people, wherein 16.3% of population in the country are unemployed. The total number of unemployed people in Spain is 7,562,785. The Industrial Production growth rate of Spain is -2%.To read more about industrial information within Spain click on industry of Spain.


There are 135776 km2 of arable land in Spain, and it comprises 27% of the country's total territory. There are 184981 km2 of cultivated land in Spain. The country's major agricultural crops and products are grain, vegetables, olives, wine grapes, sugar beets, citrus, beef, pork, poultry, dairy products, fish.To read more about agriculture click on agriculture of Spain.