The economy of Spain is the world's fourteenth-largest by nominal GDP as well as one of the largest in the world by purchasing power parity. The Spanish economy is the fifth-largest in Europe behind Germany, the United Kingdom, France and Italy as well as the fourth- largest in the eurozone based on nominal GDP statistics. In 2019, Spain was the fifteenth-largest exporter in the world and the fourteenth-largest importer.
The following tables and chart will tell the change details in last 5-10 years:
Spain Distribution of workforce from the last 5 years:
Spain Distribution of GDP across economic sectors:
Here attached the last 10 years chart of Spain GDP: (amount in billion USD):
3 Sectors of the Economy – Agriculture, Industry and Services:
Agriculture is an important part in the Spain's economy. It employs almost 4% of the total workforce and contributed almost 2.65% in GDP.
Spain has the second largest proportion of land devoted to agricultural purposes, only behind France. Though only about 17 percent of Spain's cultivated land was irrigated, it was estimated to be the source of between 40 and 45 percent of the gross value of crop production and of 50 percent of the value of agricultural exports.
Spain's total farming production amounted to 50 billion euros in 2019. As a result, Spain was one of the leading European countries in agricultural production that year. In 2019 Spain exported almost 5 billion euros worth of agriculture products to other countries.
Major product in this sector:
Olives: It produces about half the world's total olive oil, of which about 46% is exported, making Spain the world's leading olive oil producer and exporter. Average annual production of olive oil in Spain over recent years has been around 1.75 million tons. In 2019 Spain exported almost more than 3.9 billion worth of olive oil.
Citrus fruits: In 2019 the Spanish harvested almost 6 million citrus fruits out of which Oranges (6th largest producer) and Tangerine (2nd largest producer) is the major contributor in citrus fruits. Last year Spain exported almost $312 billion worth of exported fruits to other countries.
Agriculture Subsidy in Spain:
Spain is the third largest recipient of Common Agricultural Policy funds. Farmer of Spain receive almost 8 Billion Euro every which is almost 14% share of the Common Agriculture Policy Fund.
- Income support through direct payments ensures income stability, and remunerates farmers for environmentally friendly farming and delivering public goods not normally paid for by the markets, such as taking care of the countryside;
- Market measures to deal with difficult market situations such as a sudden drop in demand due to a health scare, or a fall in prices as a result of a temporary oversupply on the market;
- Rural development measures with national and regional programs to address the specific needs and challenges facing rural areas.
Industry is an important part in the Spain's economy. It accounts for 20.2% of GDP and employed almost 20.18% of the workforce.
Major Industries in this Sector:
Automotive: The Spanish automotive industry represents 10% of Spain's GDP and 18% of total exports. From 2014 to 2019 production increased by 17.5%. In 2019, 2,822,360 vehicles were manufactured in Spain. The assembly industry generates a trade surplus of 10 billion Euros. In 2019 Spain is the 8th largest automobile producer in the world and the second largest in the Europe after Germany.
Mineral Fuel: In 2019 Spain has a trade surplus of $14.9 billion. Spain has abundant reserves of lead, uranium, tungsten, mercury, magnesite, fluorspar, gypsum, sepiolite, iron, nickel, crude oil, and natural gas. The country's significant mineral products include copper, zinc, gold, steel, coal, cement, and alumina. Globally, Spain is the fifth largest producer of gypsum and fluorite.
Service sector is an important part in the Spain's economy. It contributes almost 68% in the GDP and employed almost 76% of the total Spain's workforce.
Major Industries in this Sector:
Finance: The Spanish banking system is fully integrated with international financial markets and includes credit, stock and money markets, as well as markets for derivatives. The Spanish banking sector was composed, as of December 2019, of twelve banking groups, the same as the year before, representing more than 90% of the industry. These groups include 52 private banks, two saving banks and 61 cooperative banks.
Tourism: 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. In 2019, Spain was the second most visited country in the world, recording 83.7 million tourists which marked the seventh consecutive year of record-beating numbers. The branches concerning tourism generated 2.72 million jobs, 12.9% of the total employment.
Top Companies in Spain:
|Company Name||Sector||Forbes 2000 Rank|
|Banco Bilbao Vizcaya Argentaria||Banking||135|
|Repsol||Oil & Gas||236|