telephone: [34] (91) 587-2200
FAX: [34] (91) 587-2303
consulate(s) general: Barcelona
Flag description: three horizontal bands of red (top), yellow (double width), and red with the national coat of arms on the hoist side of the yellow band; the coat of arms includes the royal seal framed by the Pillars of Hercules, which are the two promontories (Gibraltar and Ceuta) on either side of the eastern end of the Strait of Gibraltar
Spain Economy
Economy - overview: Spain's mixed capitalist economy supports a GDP that on a per capita basis is 80% that of the four leading West European economies. Its center-right government successfully worked to gain admission to the first group of countries launching the European single currency on 1 January 1999. The AZNAR administration has continued to advocate liberalization, privatization, and deregulation of the economy and has introduced some tax reforms to that end. Unemployment has been steadily falling under the AZNAR administration but remains the highest in the EU at 14%. The government intends to make further progress in changing labor laws and reforming pension schemes, which are key to the sustainability of both Spain's internal economic advances and its competitiveness in a single currency area. Adjusting to the monetary and other economic policies of an integrated Europe - and further reducing unemployment - will pose challenges to Spain in the next few years.
GDP: purchasing power parity - $720.8 billion (2000 est.)
GDP - real growth rate: 4% (2000 est.)
GDP - per capita: purchasing power parity - $18,000 (2000 est.)
GDP - composition by sector: agriculture: 4%