The economy of Spain - achievements and challenges

Spain's economy in terms of nominal GDP is the fifth in Europe and the twelfth place in the world.

economy of spain

According to the International EconomicForum, this country is included in the TOP of the most developed countries in the main industrial sectors. Spain occupies high enough positions at the world level in the field of production of auto parts, inorganic and organic chemistry, in the production of footwear and in metalworking. The Spanish industry produces equipment for export to more than 120 countries, including Europe and Latin America, the USA and China.

industry spain

The Spanish economy has a developed ruraleconomy and tourism. This country is one of the world's largest producers of wine and olive oil, a supplier of citrus fruits. Olive plantations are mainly located in the provinces of New Castile and Andalusia, which along with Valencia, have the largest citrus plantations. In Spain, actively grow wheat, rice, tobacco, almonds and a variety of vegetables. This country occupies the top positions among the states with the largest catch of fish. The main fishing regions of Spain are Galicia and the shores of the Basque Country.

As many know, Spain's economy is unthinkablewithout tourism. Thanks to the favorable geographical position, mild and warm climate, as well as the rich historical and cultural heritage of the country, the tourist industry began to develop especially actively in the middle of the 20th century. The first cities that have experienced a large influx of tourists from all over the world are Madrid and Barcelona. To date, Spain with its many kilometers of luxury Mediterranean beaches, beautiful climate, 300 sunny days a year, famous resorts with the highest quality of service, is one of the most attractive countries in the world for rest and for living. The largest modern tourist region of the country is Catalonia, which accounts for about 30% of the entire tourist flow to Spain. The second most popular is the Balearic Islands, and the third is shared by Valencia and Andalusia.

spain economy

The global financial crisis that began in 2008by 2011 it reached a rather large scale. Spain, whose economy is literally at the epicenter of the European debt crisis, also experienced significant problems.

To date, the economy of Spain is instage of recession. According to official data, the country's GDP in 2012 decreased by 1.3%, which in absolute terms is a fabulous amount of 15 billion euros. Unemployment in the state has reached an unprecedented scale: about 26% of the population officially does not have a job. For several years in Spain, property prices have fallen. For example, the decline in value for the third quarter of last year was 15%. Positive points include fairly stable inflation, not exceeding 2%, and a significant decline in yield on debt, which was achieved, thanks to the help of other European countries.

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