Spain/Economy

Economy of Spain

An overview of key economic indicators. Select a category for detailed trends, charts, and insights.

Explore Economic Domains

Growth & Output

Coming Soon
GDP (USD)
$1.6T(2023)
GDP PPP (USD)
$2.6T(2023)
GDP per Capita (USD)
$33,509(2023)
GDP Growth (inflation-adjusted)
2.7%(2023)
Inflation (CPI Annual %)
2.8%(2024)

Trade & Finance

Coming Soon
Exports (as share of GDP)
38.1%(2023)
Imports (as share of GDP)
34.1%(2023)
FDI Inflows (as share of GDP)
2.7%(2023)
Remittance Inflow (USD)
$5.3B(2023)
Tax Revenue (as share of GDP)
15%(2023)

Labor & Income

Coming Soon
Unemployment Rate
11.4%(2024)
Employment in Services
76.5%(2023)
Poverty Rate
20.2%(2022)
GINI Index
33.6(2022)
GNI per Capita (USD)
$32,830(2023)

Energy & Environment

Coming Soon
Energy Use per Capita
2297 kg oil eq.(2023)
Renewable Energy Consumption (%)
19%(2021)

Economic Snapshot Overview

A summary of key economic indicators for Spain

  • The economic architecture of Spain is substantial, anchored by a Gross Domestic Product (GDP) of approximately $1.62T
    2023
    . This places it as the 15th largest economy out of 191 countries measured, underscoring its significance on the world stage. On a per capita basis, GDP stands at $33.51K
    2023
    , while its GDP in Purchasing Power Parity (PPP) terms is estimated at $2.57T, reflecting the population's domestic purchasing power. The economy demonstrates solid growth, expanding at a rate of 2.7%
    2023
    , accompanied by stable price levels, with inflation (CPI) at 2.8%
    2024
    .
  • On the global stage, the nation's trade and financial dynamics reveal a complex interplay of factors. The country maintains a strong trade surplus, with exports representing 38.1% of GDP and imports 34.1%
    2023
    . Foreign Direct Investment (FDI) inflows are significant, constituting 2.65% of the economy
    2023
    . This performance positions the country 70th globally out of 186 nations, indicating its relative attractiveness to foreign capital. Additionally, personal remittances received amount to a substantial $5.33B annually
    2023
    , highlighting the economic importance of its diaspora. The government faces fiscal constraints, with tax revenue representing only 15.0% of GDP
    2023
    .
  • The socio-economic landscape is characterized by a Gross National Income (GNI) per capita of $32,830
    2023
    . Globally, this ranks the nation 34th out of 190 in terms of GNI per capita, providing a clear measure of its national wealth relative to others. The country faces significant labor market challenges, with an unemployment rate of 11.4%
    2024
    . The services sector is a primary driver of the labor market, accounting for 76.5% of total employment
    2023
    . Poverty remains a key issue, with 20.2% of the population living below the national poverty line
    2022
    . The country has a relatively equitable distribution of income, with a Gini index of 33.6
    2022
    .
  • On the environment and energy front, energy consumption per capita is 2,296.708 kg of oil equivalent
    2023
    . There is a growing focus on sustainability, with renewable energy accounting for 19.0% of consumption
    2021
    . Its commitment to clean energy places it 81st among 190 countries for its share of renewable energy consumption.

Key Economic Insights

Macroeconomic Health

Maintaining a balance between growth, inflation, and employment is the central challenge for economic policymakers.

Trade & Investment Profile

The degree of openness to trade and foreign investment is a major determinant of economic structure and resilience.

Social Equity & Distribution

Distributing the benefits of economic growth equitably is crucial for social cohesion and long-term stability.

Energy & Sustainability

Transitioning to a sustainable energy model is critical for mitigating climate risk and ensuring long-term energy security.

More About This Country

Neighbors & Regional Peers

Note: The information on this page has been compiled from authoritative sources. While every effort is made to ensure accuracy, please note that some figures may not be current or entirely precise.