C in 1986. Foreign and domestic
investments have spurred GDP growth at an annual average of more than 4% in
1986-91. As of 1 January 1993, Spain has wholly liberalized its trade and
capital markets to EC standards, including integrating agriculture two years
ahead of schedule. Beginning in 1989, Madrid implemented a tight monetary
policy to fight 7% inflation. As a result of this action and the worldwide
decline in economic growth, Spain's growth rate declined to 1% in 1992.
Spain faces a likely recession in first half 1993. The government expects a
recovery in the second half, but this depends on stepped-up growth in
Germany and France. The slowdown in growth - along with displacements caused
by structural adjustments in preparation for the EC single market - has
pushed an already high unemployment rate up to 19%. However, many people
listed as unemployed work in the underground economy. If the government can
stick to its tough economic policies and push further structural reforms,
the economy will emerge stronger at the end of the 1990s.
National product:
GDP - purchasing power equivalent - $514.9 billion (1992)
National product real growth rate:
1% (1992)
National product per capita:
$13,200 (1992)
Inflation rate (consumer prices):
6% (1992 est.)
Unemployment rate:
19% (yearend 1992)
Budget:
revenues $122.9 billion; expenditures $140.2 billion, including capital
expenditures of $NA (1992 est.)
Exports:
$62 billion (f.o.b., 1992 est.)
commodities:
cars and trucks, semifinished manufactured goods, foodstuffs, machinery
partners:
EC 71.0%, US 4.9%, other developed countries 7.9% (1991)
Imports:
$100 billion (c.i.f., 1992 est.)
commodities:
machinery, transport equipment, fuels, semifinished goods, foodstuffs,
consumer goods, chemicals
partners:
EC 60.0%, US 8.0%, other developed countries 11.5%, Middle East 2.6% (1991)
External debt:
$67.5 billion (1992 est.)
Industrial production:
growth rate 0.6% (1992 est.)
Electricity:
46,600,000 kW capacity; 157,000 million kWh produced, 4,000 kWh per capita
(1992)
Industries:
textiles and apparel (including footwear), food and beverages, metals and
metal manufactures, chemicals, shipbuilding, automobiles, machine tools,
tourism
Agriculture:
accounts for about 5% of GDP and 14% of labor force; major products - grain,
vegetables, olives, wine grapes, sugar beets, citrus fruit, beef, pork,