The government in Madrid removed a rogue regional government in Catalonia after an illegal 2017 independence referendum, but the December 2018 regional elections resulted in the installation of another pro-independence cabinet. The economy has been growing well for the last five … Steven Trypsteen . Spain; Construction; 21st February 2019 Share on LinkedIn; Share on Twitter ... mainly due to Spain´s economic recovery and increased foreign investments. The judicial system is independent, open, and transparent but sometimes overburdened and slow. Thus, Spain is the only major European economy to register a noticeable rise in unemployment (from 13.7 to 16.2% by end 2020), as some of the cost adjustment has come through layoffs. Spain ranked second on the World Tourism Organization’s list of most visited countries in the world, with its number of international visitors amounting to over 82 million in 2018. According to Spain's statistics office, the fourth largest euro area economy grew an annualized 2.4% in the first quarter of the year, above the region's average. LinkedIn Localised restrictions to address COVID-19 outbreaks and continued disruption to travel and tourism will be a drag on the recovery until an effective vaccine is widely deployed. 2) The rank that you see is the CIA reported rank, which may have the following issues: a) They assign increasing rank number, alphabetically for countries with the same … Other taxes include a value-added tax. Approving the 2019 budget and the Catalan situation will prove difficult for the minority government. 402 PLW 201 Palau 268 Google+, Facebook Trade Source: United Nations Comtrade Note: Top 3 trade partners are calculated by imports + exports. Tax Burden 61.7 Create a Graph using this measurement, Government Spending 48.1 Create a Graph using this measurement, Fiscal Health 69.8 Create a Graph using this measurement. Economic Trivia: Spain is the second biggest foreign investor in Latin America. A diversified industry, the backbone of the Catalan economy. Catalan industry accounts for 19.3% of Catalonia's gross added value, which is above the figure for Spain (15.7%). All components of demand are in for a double-digit contraction in 2020 (consumption: -13%, investment: -18%, exports: -23%), before a rebound in 2021 (consumption: 5%, investment: 6%, exports: 13%). GDP contracted by 3.7% in 2009, ending a 16-year growth trend, and by another 0.2% in 2010, making … Industrial production dropped 2.2% year-on-year in seasonally- and calendar-adjusted terms in January, after contracting 1.5% in December 2020 and marking the 13th straight month of decline. An Overview Of The Economy Of Spain . The slowdown taking place in some economies, protectionism, uncertainty over economic policy, an abrupt adjustment in China and rising debt are some of the issues that threaten to provoke another global economic crisis, one that would impact some regions more than others. Public debt is equivalent to 95.5 percent of GDP. According to the World Bank, subsidies and transfers account for about two-thirds of the government’s annual budget. Gross domestic product 2019 (millions of Ranking Economy US dollars) USA 1 United States 21,433,226 CHN 2 China 14,342,903 JPN 3 Japan 5,081,770 DEU 4 Germany 3,861,124 IND 5 India 2,868,929 GBR 6 United Kingdom 2,829,108 The growth of the Spanish economy is revised downwards to 1.9% in 2019 and 1.6% in 2020, due to the historical revision of the activity data, the negative trend of some demand components and the deterioration of the international context Press However, after almost 15 years of above average GDP growth, the Spanish economy began to slow in late 2007 and entered into a recession in the second quarter of 2008. The economy lost significant momentum in the final quarter of 2020, due to the reimposition of restrictions amid a second wave of Covid-19 infections. Use of banking services is nearly universal in the adult population. The overall tax burden equals 34.4 percent of total domestic income. If government spending and related sovereign borrowing were cut, and if the labor market were liberalized, the private sector would have a good chance to boost growth and employment. Subscribe to THINK. LinkedIn Spain is ranked 30th out of 180 countries in Transparency International’s 2019 Corruption Perceptions Index, but its overall score (62) is one of the lowest in Western Europe. Second quarter 2019. Top 3 Trade Partners (2019): France, Germany, and Italy Top 3 Exported Goods (2019): Motor Vehicles & Parts, Industrial Machinery, and Oil & Mineral Fuels Italy is 21st. Italy is 21st. (1). We still expect the Spanish economy to grow by 2.6% in 2018, compared with 3.1% in 2017. The Bank of Spain expects the economy to have contracted by 11.1% in 2020, but to rebound with 6.8% growth this year. Tourism in Spain is the third major contributor to national economic life after the industrial and the business/banking sectors, contributing about 10–11% of Spain's GDP. The Spanish economy remained only moderately free again this year. In this context, job creation is expected to continue, in an environment of soft adjustment of world growth and growing internal and … In 2019, value added construction growth is expected to increase … In 2019, nominal GDP per capita in Spain was 26,440 EUR. Gross domestic product 2019 (millions of Ranking Economy US dollars) ASM 196 American Samoa 636 DMA 197 Dominica 582 TON 198 Tonga 512 STP 199 São Tomé and Principe 419 FSM 200 Micronesia, Fed. Spain is ranked 24th among 45 countries in the Europe region, and its overall score is below the regional average but above the world average. Tags Spain GDP Eurozone. Economist, Spain and Portugal ... 1 February 2019 Spain: … The property registration system functions efficiently. Footnote Economic factors affecting Spain. The tourism sector is pivotal for the country’s economy, being Spain’s main source of income (12.4% of GDP in 2019, INE), as the country is the second-most popular tourist destination in the world (83.7 million tourists in 2019, for a seventh straight year of records). The country’s GDP growth for the year 2016 was 3.2%. Spain’s diversified economy includes manufacturing, financial services, pharmaceuticals, textiles and apparel, footwear, chemicals, and a booming tourism industry. In brief A stringent lockdown, the deteriorating labour market and Spain's reliance on tourism will make for a deep recession and a protracted recovery. The Gross Domestic Product (GDP) in Spain was worth 1394.12 billion US dollars in 2019, according to official data from the World Bank and projections from Trading Economics. First quarter 2019. Download article as PDF. Spain Economic Outlook. | Spain Economy | Privacy Policy | Cookies Policy | Terms & Conditions | Sitemap | RSS feed, Economic Growth (GDP, annual variation in %), Industrial Production (annual variation in %), Inflation Rate (HICP, annual variation in %, eop), Inflation Rate (HICP, annual variation in %), Spain: Retail sales plunge at sharpest pace in eight months in January, Spain: Industrial output contracts at faster pace in January, Spain: Composite PMI rises in February but remains in contractionary mode, Spain: Current account surplus narrows considerably at the end of 2020, Spain: Housing permits decline in December; housing prices fall for third consecutive quarter in Q4. Since returning to democracy in 1975, Spain has become the eurozone’s fourth-largest economy. Key points. The top individual income tax rate is 45 percent, and the top corporate tax rate is 25 percent. Real GDP will not return to pre-crisis levels before 2023. All suggestions for corrections of any errors about Spain Economy 2020 should be addressed to the CIA or the source cited on each page. Tags Spain GDP Eurozone. Its overall score has increased by 3.0 points, primarily because of an improvement in government integrity. As mentioned above, with the yet-to-be-determined economic impact of the global health crisis on Spain, it will be more important than ever to seek out the most up to date information on the current state of economic development. See how Spain compares to another country using any of the measures in the Index. Spain Economic Growth. IMPACT OF COVID-19: As of December 1, 2020, 45,511 deaths had been attributed to the pandemic in Spain, and the economy was forecast to contract by 12.8 percent for the year. The Spanish Board of Architects approved 7,059 new construction permits in December 2020, according to data published by the Ministry of Public Works. The Gross Domestic Product (GDP) in Spain was worth 1394.12 billion US dollars in 2019, according to official data from the World Bank and projections from Trading Economics. According to a preliminary reading, GDP grew 0.4% on a seasonally-adjusted quarter-on-quarter basis in Q4, markedly below the unprecedented 16.4% surge … Fourth quarter 2019. All Rights Reserved. Spain’s economic freedom score is 69.9, making its economy the 39th freest in the 2021 Index. As a member of the EU, Spain has 45 preferential trade agreements in force. An evolving political context over the past year, with a change of government in June 2018 and new elections due in April 2019, has been reflected in general slow progress on reforms. The European Commission and the IMF were more pessimistic, projecting 2020 contractions of … Distribution of gross domestic product (GDP) across economic sectors in Spain 2019. But political uncertainty has risen in the euro area’s fourth-largest economy as Prime Minister Pedro Sanchez struggles to pass a spending plan for 2019. Spain's mixed capitalist economy is the 12th largest in the world, and its per capita income roughly matches that of Germany and France. The GDP value of Spain represents 1.16 percent of the world economy. Twitter (1). See more from the 2021 Index. Real GDP will not return to pre-crisis levels before 2023. Spain's quarterly economic growth was revised lower to 16.4 percent in the third quarter of 2020, from a preliminary estimate of 16.7 percent. My Cart Spain’s current account balance recorded a surplus of EUR 729 million in December 2020, significantly below both the EUR 2.2 billion surplus logged in December 2019 and November 2020’s EUR 3.3 billion surplus. Foreign trade accounts for nearly half of the Spanish Gross Domestic Product. Ever since the 1960s and 1970s, the country has been a popular destination for summer holidays, especially with large numbers of tourists from the United Kingdom, Ireland, France, Germany, Italy, the Benelux, and the United States, among … However, after almost 15 years of above average GDP growth, the Spanish economy began to slow in late 2007 and entered into a recession in the second quarter of 2008. Economist, Spain and Portugal . Sts. Still, that was the steepest pace of expansion since comparable records began in 1995, following a record contraction of 17.9 percent in the previous period, as demand and activity recovered following the relaxation of restrictive measures during Summer. Share. Spain's gig economy poses labour rights conundrum as regulation eyed Reuters 10:17 3-Mar-21 The EUR Gives Up Early Gains Amidst another Data Dump from the Eurozone FX Empire 09:46 3-Mar-21 Spain February services PMI 43.1 vs 43.0 expected ForexLive.com 08:22 3-Mar-21 The economy either contracted or just about failed to grow for five consecutive years, starting from 2009. SPAIN BACKGROUND: Since returning to democracy in 1975, Spain has become the eurozoneÕs fourth-largest economy. Read more about Spain Economy. The tourism sector is pivotal for the country’s economy, being Spain’s main source of income (12.4% of GDP in 2019, INE), as the country is the second-most popular tourist destination in the world (83.7 million tourists in 2019, for a seventh straight year of records). Size matters. The COVID-19 pandemic has dramatically hurt Spain’s already weakening economy. Being in the European Union, it uses the Euro as its currency. Distribution of the workforce across economic sectors in Spain 2020. Overview: In August 2020 Spain exported €17.8B and imported €19.5B, resulting in a negative trade balance of €1.66B.Between August 2019 and August 2020 the exports of Spain have decreased by €-1.76B (-8.99%) from €19.6B to €17.8B, while imports decreased by €-3.97B (-16.9%) from €23.5B to €19.5B. Business Freedom 66.3 Create a Graph using this measurement, Labor Freedom 57.9 Create a Graph using this measurement, Monetary Freedom 83.5 Create a Graph using this measurement. No claims are made regarding the accuracy of Spain Economy 2020 information contained here. According to Spain’s statistics office, the fourth largest euro area economy grew an annualized 2.4% in the first quarter of the year, above the region’s average. The IMF and European Commission both estimate a structural budget deficit of around 3% in 2019 and predict further deterioration ahead (Figure 5). At the beginning of 2019 the government’s forecast pointed an optimistic growth of 2.2% in 2019 and 1.9% in 2020. Steven Trypsteen . Trade Freedom 84.0 Create a Graph using this measurement, Investment Freedom 85.0 Create a Graph using this measurement, Financial Freedom 70.0 Create a Graph using this measurement. Spain's productivity gap to the EU average. Get a sample report showing our regional, country and commodities data and analysis. Spain lags in development of business freedom compared to many other countries, continuing a downward trend that began in 2014. The economy of Spain contracted by about 9% as a result. Spain's dependence on tourism, a predominance of small businesses with small margins and an over-reliance on temporary contracts will delay the economic recovery. Google+, © Copyright: 2021. 2018 marked the fifth year of robust economic growth for Spain… It is highly diversified with the main branches being chemicals, food and beverage, motor vehicles, pharma, energy, and metal products. The “Spain Economic Outlook” suggests that 2019 Q1 GDP growth (+0.6 percent quarterly average) remained stable thanks to the strong performance in private consumption and public spending. Employment in Spain 2021. The IMF and European Commission both estimate a structural budget deficit of around 3% in 2019 and predict further deterioration ahead (Figure 5). Scandal-plagued former King Juan Carlos I has lived in self-exile since August 2020. Spain's mixed capitalist economy is the 12th largest in the world, and its per capita income roughly matches that of Germany and France. The tourism sector is pivotal for the country’s economy, being Spain’s main source of income (12.4% of GDP in 2019, INE), as the country is the second-most popular tourist destination in the world (83.7 million tourists in 2019, for a seventh straight year of records). Types of Files Downloads: Download documents; GDP growth is revised downwards slightly to 2.2% in 2019 and to 1.9% in 2020, mainly as a result of lower European demand in an environment of high uncertainty. Spain's Economy Loses Some Shine as Growth Misses Forecast By . Client Log In, Facebook Government spending has amounted to 41.6 percent of total output (GDP) over the past three years, and budget deficits have averaged 2.7 percent of GDP. Its Gross Domestic Product (GDP) for the year 2018 was $1426.19 billion which represented approximately 2.30% of the global economy (Trading Economics, 2019). Case backlogs are often long. The population of Spain was previously recorded in 2012 as 46.6 million people. The financial sector’s overall condition continues to improve. A durable reduction in the high public debt-to-GDP-ratio will require further Property rights are protected by law. Spain's productivity gap to the EU average. Jeannette Neumann. Ascension into the European Union in 1986 was a jump-start to the modernization of Spain’s infrastructure, industry and economic policy. About Sign up. Domestic demand, supported by low interest rates and strong employment growth, will remain the main driver of growth. Property Rights 76.4 Create a Graph using this measurement, Judicial Effectiveness 65.4 Create a Graph using this measurement, Government Integrity 70.3 Create a Graph using this measurement. November 2019 elections produced a fractured parliament with the conservative Vox party surging to third place at the expense of the center-right People’s Party. The country’s GDP as at the end of 2016 was $1.536 trillion with purchasing power parity (PPP) of $1.704 trillion. Spain Economic Outlook. Stay up to date with all of ING’s latest economic and financial analysis. To make the jump back into the mostly free category from which it fell nine years ago, Spain needs to concentrate on reducing the size and cost of government. Data on Spain across agriculture,development,economy,education,energy,environment,finance,government,health,innovation and technology,jobs,society. The country has a strong and diverse manufacturing industry and is one of the biggest tourist destinations in the world. Subscribe to … Spain’s economic freedom score is 69.9, making its economy the 39th freest in the 2021 Index. Prime Minister Pedro Sánchez’s center-left Spanish Socialist Workers Party heads a minority coalition with the radical-left Podemos party. Even so, the unemployment rate will continue to decline, but remain high. A million Spaniards moved abroad in search of a better life and the country’s traditional two-party system took a beating. The GDP value of Spain represents 1.16 percent of the world economy. However, it must be said that the current construction recovery comes from a very low level, following years of severe recession. Looking forward, continued recovery is expected, despite the less optimistic growth forecast owing to the short term tapering off of certain growth drivers. 2019 2020 (e) 2021 (f) GDP growth (%) 2.4 2.0 -11.5 6.4 Inflation (yearly average, %) 1.7 0.7 -0.2 0.8 ... 5%) than to furlough (at its peak, 15% of Spanish workers were in furlough, FR: 45%, IT: 28%). In any case, the recovery will continue due to the gradual improvement in the global environment and a more expansive monetary … Once the recovery did get under way, however, Spain managed several years of … The economy is sensitive to the Covid-19 shock. Since mid-2019, job creation has been slowing down in line with more sluggish economic output. 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