Economy In Spain

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ECONOMY IN SPAIN

Spain is described as a mixed capitalist economy and is the fourth leading economy in Europe. Due to this, its role in global economics affects not only its own population but has major impacts on trade and stock amongst other nations and worldwide. According to the World Bank, Spain is the 8th most powerful economy in the world and has a GDP per capita of $25,000, approximately 80% that of Europe's three foremost nations.

Along with numerous other European countries, Spain was eager to introduce the Euro, European Monetary Unit, and was one of the first countries to do so in 1999. This was primarily due to the then president, Jose Maria Aznar, who led the country towards a privatized, liberalized and free economy thanks to his tax law and foreign policy reforms.

Today's Spain remains a strong and stable force in world economy who's president, Rodriguez Zapatero, has commenced social and economic reforms aimed to reduce unemployment, currently at 9.8%, combat tax fraud and lessen government intervention in businesses.

Spain's major industries are agriculture (grain, olives, wine), industry (textiles, metals) and services, predominantly tourism, and are divided in the range of 3.4%, 28.7% and 67.9% respectively. It's GDP on the basis of purchasing power parity of $1.014 Trillion.

   
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