Spain: Facts & Stats

ECONOMY

The economy of Spain is the fifth largest in the European Union and 9th largest economy in the world in terms of nominal GDP (twelfth largest if measured by purchasing power parity).

The Spanish economy experienced a long and remarkable period of steady solid growth since the early 1980s, interrupted briefly by the early 1990s recession. This trend was halted and reversed due to the effects of the ongoing 2008 financial crisis.

Industry:

Industrial production grew by 1% in 2001, and industry accounted for around one third of GDP. The chief industrial sectors are food and beverages, energy, and transport materials. Chemical production, particularly of superphosphates, sulfuric acid, dyestuffs, and pharmaceutical products, is also significant. Of the heavy industries, iron and steel, centered mainly in Bilbao and Avilés, is the most important. Petroleum refinery production capacity at Spain's nine refineries was 1,294,000 barrels per day in 2002. In 2001, 2,849,888 automobiles were produced, a 6% decline over 2000; in 2000, 22,586 heavy trucks were produced an 11% increase over 1999. Automobiles are Spain's leading export.

Prior to the 1990s wave of privatization, government participation in industry was through the National Industrial Institute (INI), which owned mining enterprises, oil refineries, steel and chemical plants, shipbuilding yards, and artificial fiber factories, or through Patrimonio. As of 2002, Telefonica, Gas Natural, and the petrochemical company Repsol had been privatized. Industries demonstrating significant growth in the early 2000s were metalworking industries, due to increased production in shipbuilding, data-processing equipment, and other transportation equipment. Other growth sectors included food processing, medical products and services, chemicals, computer equipment, electronics, construction and security equipment, cosmetics and jewelry, and industrial machinery. In 2002, the construction industry was aided by such public works projects as a high-speed train link between Madrid and Barcelona, and an increase in property development on the Mediterranean coast.

Agriculture:

During 1970–2000, the proportion of the GDP from agriculture fell from 11.3% to 4%, and the proportion of workers employed in agriculture decreased from 26% to about 7%. Arable cropland in 1998 covered 14,285,000 hectares (35,298,000 acres), of which 67% was used for field crops, and 33% planted with olive trees, vineyards, and orchards.

Agricultural commodities harvested in 1999 (in thousands of tons) and area harvested (in thousands of hectares) totaled wheat, 5,084 per 2,242; barley, 7,399 per 3,119; corn, 3,777 per 399; rice, 845 per 112; beans, dry, 24 per 20; sugar beets, 7,998 per 138; sunflower seeds, 556 per 874; grapes, 4,969 per 1,163; peaches, 987 per 23; potatoes, 3,312 per 135; and tomatoes, 3,840 per 64. Grapes are cultivated in every region; the most important olive groves are in Andalucía. Within the domestic market, the use of sunflower oil and soybean oil has grown considerably.

Agricultural mechanization has been increasing steadily. In 1998 there were 841,932 tractors, and 49,729 harvesterthreshers. The use of fertilizers has also increased. The Institute for Agrarian Development and Reform directly or indirectly regulates some 10 million hectares (25 million acres) of land, promoting intensive cultivation and irrigation to improve productivity.

Internationalization:

Ever since the 1990s some Spanish companies have gained multinational status, often, but not only, expanding their activities in culturally close Latin America, where Spain is the second biggest foreign investor after the United States.

Some of these companies lead in various international scenarios, such as Telefónica (telecom and media), Inditex (retail, owner of brands like Zara), Banco Santander and BBVA (banking), Gamesa (renewable energies), Indra Sistemas (IT and defence), Pescanova (fisheries) or Repsol YPF (oil refinery).

Spanish companies lead fields like renewable energy (Iberdrola is the world's largest renewable energy operator) and infrastructure, with six of the ten biggest international construction firms specialising in transport being Spanish, like Ferrovial, ACS, OHL or FCC.

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