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![]() ![]() Spain Economy 1999
Economyoverview: Spain's mixed capitalist economy supports a GDP that on a per capita basis is three-fourths 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 deficit-to-GDP ratio is 2.1%, the debt-to-GDP ratio is around 68%, and inflation is approximately 2%. Moreover, the AZNAR administration has continued to advocate liberalization, privatization, and deregulation of the economy and has introduced some tax reforms to that end. Unemployment, nonetheless, remains the highest in the EU at 20%. The government, for political reasons, has made only limited progress in changing labor laws or reforming pension schemes, which are key to the sustainability of both Spain's internal economic advances and its competitiveness in a single currency area. Adjustment to the monetary and other economic policies of an integrated Europe will pose difficult challenges to Spain in the next few years. GDP: purchasing power parity$645.6 billion (1998 est.) GDPreal growth rate: 3.5% (1998 est.) GDPper capita: purchasing power parity$16,500 (1998 est.)
GDPcomposition by sector:
Population below poverty line: NA%
Household income or consumption by percentage share:
Inflation rate (consumer prices): 2% (1998 est.) Labor force: 16.2 million Labor forceby occupation: services 64%, manufacturing, mining, and construction 28%, agriculture 8% (1997 est.) Unemployment rate: 20% (1998 est.)
Budget:
Industries: textiles and apparel (including footwear), food and beverages, metals and metal manufactures, chemicals, shipbuilding, automobiles, machine tools, tourism Industrial production growth rate: 5.8% (1998) Electricityproduction: 163.468 billion kWh (1996)
Electricityproduction by source:
Electricityconsumption: 164.568 billion kWh (1996) Electricityexports: 5.7 billion kWh (1996) Electricityimports: 6.8 billion kWh (1996) Agricultureproducts: grain, vegetables, olives, wine grapes, sugar beets, citrus; beef, pork, poultry, dairy products; fish Exports: $111.1 billion (f.o.b., 1998 est.) Exportscommodities: cars and trucks, other machinery and manufactured goods, foodstuffs, and other consumer goods Exportspartners: EU 70% (France 20%, Germany 18%, Italy 10%, Portugal 9%, UK 8%), US 4.4% (1997) Imports: $132.3 billion (f.o.b., 1998 est.) Importscommodities: machinery, transport equipment, fuels, semifinished goods, foodstuffs, consumer goods, chemicals (1997) Importspartners: EU 65% (France 17%, Germany 15%, Italy 9%, UK 8%, Benelux 7%), US 6%, Japan 3% (1997) Debtexternal: $90 billion (1993 est.) Economic aiddonor: ODA, $1.3 billion (1995) Currency: 1 peseta (Pta) = 100 centimos
Exchange rates:
pesetas (Ptas) per US$1143.39 (January 1999), 149.40 (1998), 146.41
(1997), 126.66 (1996), 124.69 (1995), 133.96 (1994)
Fiscal year: calendar year
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