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The economy of Spain is a highly developed social market economy. [29] It is the world's 15th largest by nominal GDP and the sixth-largest in Europe. Spain is a member of the European Union and the eurozone, as well as the Organization for Economic Co-operation and Development and the World Trade Organization.
Spain's economy is witnessing a positive momentum, outshining its European peers with robust growth figures, buoyed by a healthy domestic consumption and a strong investment climate. Spain's...
Spain's economy in numbers: Nominal GDP of USD 1,415 billion in 2022. GDP per capita of USD 29,722 compared to the global average of USD 10,589. Average real GDP growth of 1.1% over the last decade.
Economic activity in Spain is set to slow but remain above the euro zone average, supported by declining inflationary pressures, accelerating real wage growth and a buoyant tourism sector. Read more: Koldo corruption scandal shakes Spanish government
Economic activity in Spain is expected to grow at 2.1% in 2024 and 1.9% in 2025 driven by domestic demand and sustained by continued labour market resilience. The implementation of the Recovery and Resilience Plan (RRP) is set to underpin investment growth over the forecast horizon.
The Spanish Gross Domestic Product (GDP) increased in volume by 5.8% in 2022 compared to 2021, according to the flash estimates of the Annual National Accounts of Spain. This data shows an increase of three tenths with respect to that advanced by the Quarterly National Accounts1 (QNAS) in March.
Here are six charts on Spain’s economic outlook and the country’s response to the crisis. Despite a sharp rebound in the third quarter, the Spanish economy remains 8.7 percent below its level a year ago—one of the largest contractions in Europe.
The Spanish economy entered a deep recession in 2020 due to the COVID-19 pandemic. A strong government response has protected jobs and firms. However, the crisis has exacerbated long-standing structural challenges, such as high unemployment, inequalities and regional disparities.
The snapshot offers a concise summary of Spain's economic trends and prospects, drawing from the OECD Economic Survey, Economic Outlook, and Economic Policy Reform: Going for Growth reports, delivering in-depth analyses of economic trends, suggested policy recommendations, alongside an overview of structural policy developments.
high-income core EU and eurozone economy; strong growth driven by public consumption, tourism, and other service exports; tight labor market despite high structural unemployment; government debt remains high amid deficit reductions; innovation and economic freedom ranked lower than EU and OECD peers