Spain » Introduction

Basic Economic Facts

Spain is the 8th largest economy of the world with an average GDP growth rate of 2.4% (2008 est.). The main industries responsible for boosting the Spain’s Economy are tourism, textiles, shoes, beverage and chemicals. In addition, Spain is a big exporter of machinery, motor vehicles, canned food and some other consumer goods. According to an estimate, in the year 2007, Spain exported the goods worth $248.3 Billions.

Tourism and other industries were still underdeveloped in Spain until the 1950’s. Traditionally Spain is an agricultural country and it has been the number one grain producer among the EU countries. Spain is famous for its crop of wheat and barley. In addition, Spain is the largest producer of olive oil in the world. It is also famous for its vineyard, producing quality wines for centuries, which is exported all over the Europe.

Spain passed through various political upheavals and turmoil’s during the course of centuries, caused mainly by colonization earlier, and later by dictatorship in the country. In the year 1960, the dictator ruler of Spain, General Franco introduced some economic reforms in the country which proved to be very promising for the improvement in the economic condition of the country. Tourism was developed and rapid infrastructure projects were started, which led the path to the “Spanish Miracle”, which happened within a very short time period.