Indicators of economy in Spain
The essential economic performance of a country is reflected by the gross domestic product, the total of all goods and services sold. Worldwide gross domestic product in 2021 was at about 12,232 USD per capita. GDP in Spain, on the other hand, reached USD 30,104 per capita, or 1.427 trillion USD for the whole country. Spain is therefore one of the world's largest economies and is currently at rank 14. If this is calculated per inhabitant, taking purchasing power parity into account, then Spain ranks 39th in the list of the richest countries.Inflation in Spain in 2021 was around 3.09%. Within the EU, the average in the same year was 2.55 percent. In the United States, it was most recently 4.70%.
The index for perceived corruption in the public sector is 60, which is rather mediocre by global standards.
Back to overview: Spain
Impact of the COVID-19 pandemic
The consequences of the COVID pandemic were not insignificant in Spain 2020. Overall, gross domestic product in 2020 fell from 1.394 trillion US dollars to 1.277 trillion US dollars. With a drop of 8.4 percent, the economy in Spain suffered more significant losses than other countries. The unemployment rate rose from 14.1 to 15.5 percent. The country's gross debt increased by 12.2 percent. The inflation rate fell from 0.7 percent previously to -0.3 percent by the end of 2020.In 2021, there was already a recovery and the gross domestic product increased to 1.427 trillion US dollars (=102.4% of 2019).
Income and purchasing power
The average monthly income in Spain is 2,474 US Dollar per capita. In the USA, the figure is 5,911 US Dollar. However, the prices of consumer goods are also around 15.6 percent lower than in the USA. If you compare income and price levels, the result is a more expensive life in Spain than in the United States. The bottom line is that the costs do not offset the lower income, and you get about 50.4 percent less.However, it is also important to remember that this is a purely statistical model. Both the labor output and the type and quality of the goods received always correspond to the national average on both sides of the equation - so they do not necessarily have to match. Here you can also find an international comparison of cost of living and purchasing power.
Unemployment rates in percentages 1991 - 2021
Economic performance 2021
Spain Total | Spain per capita | EU Total | EU per capita | |
---|---|---|---|---|
GDP | 1.427 tn USD | 30,103.51 USD | 17.177 tn USD | 33,384.92 USD |
Gross national product | 1.408 tn USD | 29,693.42 USD | 16.895 tn USD | 32,835.37 USD |
In the Global Innovation Index, Spain ranked 29th in 2022 with 44.6 points. The index is calculated annually by the World Intellectual Property Organization (WIPO) and most recently included 132 countries. The top country was Switzerland with 64.6 points. Out of the 2,000 largest listed companies in the world, 21 originate from Spain. This is determined annually in the Forbes Global 2000 list. The 10 largest companies in the country in 2022 were:
Rank 57: Santander (Santander)
Rank 136: Iberdrola (Bilbao)
Rank 151: BBVA-Banco Bilbao Vizcaya (Madrid)
Rank 196: Telefónica (Madrid)
Rank 273: CaixaBank (Valencia)
Rank 302: Inditex (A Coruña)
Rank 320: Repsol (Madrid)
Rank 451: Naturgy Energy Group (Barcelona)
Rank 651: Grupo ACS (Madrid)
Rank 808: Mapfre (Majadahonda)
Development of gross domestic product in billions of USD 1960 - 2021
Household debt and deficits 2021
Spain Total | Spain per capita | EU Total | EU per capita | |
---|---|---|---|---|
Gross debt | 1.688 tn USD | 35,599.79 USD | 15.068 tn USD | 29,285.70 USD |
Budget deficit | 97.95 bn USD | 2,065.77 USD | 799.24 bn USD | 1,553.35 USD |
› Debt budget development
› Development of inflation
› Corruption in Spain
› Cost of living in a global comparison
› Development of inflation
› Corruption in Spain
› Cost of living in a global comparison
Imports and Exports 2021
Spain Total | Spain per capita | EU Total | EU per capita | |
---|---|---|---|---|
Imports | 475.43 bn USD | 10,026.82 USD | 8.916 tn USD | 17,329.02 USD |
Exports | 496.96 bn USD | 10,480.96 USD | 9.554 tn USD | 18,569.19 USD |
Development of imports and exports in billions of USD 1975 - 2021
Exports
Imports