Aggregates are based on constant 2010 U.S. dollars. Spain GDP Growth Rate - data, historical chart, forecasts and calendar of releases - was last updated on September of 2020. source: National Statistics Institute (INE) GDP Growth Rate in Spain is expected to be 7.80 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. “The principles of the reforms have been very important and should stay in place,” Andrea Schaechter, International Monetary Fund mission chief for Spain, told journalists last week. Weak government may not be able to push through needed reforms. Backlinks from other websites and blogs are the lifeblood of our site and are our primary source of new traffic. All news about Spain. Spain's gross domestic product shrank by 18.5 percent on quarter in the three months to June 2020, the steepest contraction on record and compared to market expectations of a 16.6 percent fall, a preliminary estimate showed. Projects & Operations; Finances; Climate; GDP (current US$) Details. That’s raised concern about his ability to deliver on deep-seated changes to fix the broken parts of the economy and prevent the country succumbing to the kind of malaise that turned Italy into a long-term drag on the euro area. A stringent lockdown, the deteriorating labour market and Spain's reliance on tourism will make for a deep recession and a protracted recovery. School enrollment, primary (% gross) Details. In Spain, that has prompted economists and business leaders to press officials to draw up detailed plans to ensure the stimulus delivers a meaningful impact in the longer term. But for many in Spain, there’s an unwelcome sense of deja vu being associated again with Italy. It allows API clients to download millions of rows of historical data, to query our real-time economic calendar, subscribe to updates and receive quotes for currencies, commodities, stocks and bonds. None; Aggregates; Same region; Similar values; Highest values; Lowest values; Share Details. Poverty headcount ratio at national poverty lines (% of population) Details. Still, it is the biggest contraction ever, pushing the economy into a recession, triggered by one of Europe's strictest coronavirus lockdowns. A second wave of infections that started in mid-July has put a lid on the recovery. All videos about Spain. Spain gdp growth rate for 2016 was 3.03%, a 0.8% decline from 2015. Some ministers are talking about undoing Rajoy’s labor market changes, which aren’t liked by many left-leaning voters. The contraction was triggered by one of Europe's strictest coronavirus lockdowns, dragging the country to the steepest recession ever. “Little by little, we’re spending everything we’ve saved in the past four or five years,” Marquez said. Download historical data for 20 million indicators using your browser. The Commission publishes a full set of macroeconomic forecasts for the EU and its Member States in spring (May) and autumn (November) and publishes interim forecasts updating GDP and inflation figures in winter (February) and summer (July). In addition, public spending rose 1.1 percent (vs 0.3 percent in Q2) and net external demand contributed positively to the GDP as exports increased more than imports. We have provided a few examples below that you can copy and paste to your site: Your image export is now complete. Missing data, out of date base years, disputed population data and the size of the unrecorded informal economy means that international rankings of countries in terms of GDP and GDP per capita are meaningless. The share of small firms worried about being able to keep staff and cover loans is higher than in Germany, France and Italy. A piecemeal economic response by the minority government led by Socialist Prime Minister Pedro Sanchez is threatening to push the economy into an Italian trap of sluggish growth and stubbornly-high debt. World Bank national accounts data, and OECD National Accounts data files. When a housing crash threatened to topple Spain’s banking system in 2012, the government requested a bailout and pushed through unpopular reforms in its financial sector and labor market, showing that Madrid could take hard decisions. The Trading Economics Application Programming Interface (API) provides direct access to our data. A decade ago, both were caught up in the debt crisis that threatened to tear apart the euro area. The Trading Economics Application Programming Interface (API) provides direct access to our data. Within investments, tangible fixed assets account for 18 percent of GDP, including construction (10 percent) and machinery, equipment and weapon system (7 percent); and intellectual property products account for the remaining 3 percent. CO2 emissions (metric tons per capita) Details. Please check your download folder. The transformation helped to stoke more than half a decade of robust economic growth and boosted market confidence. Moderna’s Covid Vaccine Found 94.5% Effective in Early Analysis, America Locks Down From Atlantic to Pacific as Covid Rages, Tesla to Join S&P 500 Next Month as Largest-Ever New Member, Dow Average Climbs to Record on Vaccine; Oil Gains: Markets Wrap, California Tightens Curbs; Cases Rise in 50 States: Virus Update. 1995-2020 Data | 2021-2022 Forecast | Calendar | Historical. An Overview Of The Economy Of Spain. He’s had to cut the price of his tapas by around 30%, and daily revenue at his business, El Rincon de Kevin, has fallen to 150 euros from 1,800 euros before Covid-19 hit. Current GDP per Capita (LCU Billions) 23,157 24,077 25,155 26,453 27,495 Current GDP … Spain is the fourth largest economy in the Euro Zone and the fifth biggest economy in the European Union. On an annual basis the GDP contracted by a record 21.5 percent and compared to earlier estimates of a 22.1 percent fall. The contraction was triggered by one of Europe's strictest coronavirus lockdowns, dragging the country to the steepest recession ever. Economists have called on lawmakers to improve — rather than undo — those job market changes. Some business executives are worried that overturning those reforms could send a message to international investors that Madrid is focused on rehashing past political battles. Spain Jump to. On the expenditure side, household consumption is the main component of Spain's GDP (58 percent), followed by gross fixed capital formation (21 percent) and government expenditure (18 percent). The gap between Spanish and Italian bond yields has narrowed this year, and Spain’s benchmark stock index has underperformed among major euro countries. Trading Economics members can view, download and compare data from nearly 200 countries, including more than 20 million economic indicators, exchange rates, government bond yields, stock indexes and commodity prices. All rights reserved. Les valeurs actuelles, des données historiques, des prévisions, des statistiques, des tableaux et le calendrier économique - Espagne - Taux de croissance annuel du PIB. Also Show. Italy’s debt-to-GDP ratio is far higher and its economy was barely expanding even before the pandemic. If you use our datasets on your site or blog, we ask that you provide attribution via a link back to this page. It’s forecast to shrink 12% this year and regain barely half the loss in 2021. It is calculated without making deductions for depreciation of fabricated assets or for depletion and degradation of natural resources. Spain Consumer Price Deflation Deepens in October, Spain Industrial Output Falls Less than Forecast, Spain Consumer Morale Falls to Lowest Since 2012, Spain Services Sector Shrinks at a Faster Pace, Tourist Arrivals in Spain Fall for 7th Month, Spain Factory Activity Grows More than Expected, Spain Current Account Surplus Falls by Near 300%, Bitcoin Tops $17,000 for 1st Time in 3 Years, US Homebuilder Sentiment Climbs to New Record, US Business Inventories Rise for 3rd Month, Brazil Stocks Fall From Over 8-Month High, Canadian Stocks Pull Back from 9-Month High, US Industrial Output Grows 1.1% in October, Foreign Investors Buy CAD 4.5B of Canadian Securities in September. The country’s GDP as at the end of 2016 was $1.536 trillion with purchasing power parity (PPP) of $1.704 trillion. Italy’s per-capita productivity — a crucial driver of growth — is likely to remain below Spain’s in the aftermath of the pandemic, says Ignacio de la Torre, chief economist at Arcano Partners in Madrid. Spain’s GDP shrank by 17.8 percent on quarter in the three months to June of 2020, lower than an 18.5 percent plunge in the advance estimate and compared to the previous period's 5.2 percent drop. Despite its troubles, Madrid’s medium-term outlook remains less bleak than Rome’s. Spain gdp growth rate for 2018 was 2.35%, a 0.54% decline from 2017. “We think this is an important time to plan ahead and deal with these structural issues to prepare the economy going forward.”, — With assistance by Todd White, and Gina Turner, Photographer: Joaquin Corchero/AFP/Getty Images. Household consumption slumped 6.6 percent (vs 0.1 percent in Q4) and fixed investment tumbled 5.7 percent (vs -1.2 percent in Q4). Please check your download folder. Prime Minister Sanchez leads a weak government that’s struggled with basic things like passing a 2021 budget. Still, year-on-year, the GDP shrank by 8.7 percent, compared to a record 21.5 percent contraction in the previous period and leaving the Spanish economy 9.1 percent below pre-pandemic levels. Economists say Spain needs to overhaul its troubled labor market, which for years has been plagued by one of Europe’s highest rates of unemployment. It allows API clients to download millions of rows of historical data, to query our real-time economic calendar, subscribe to updates and receive quotes for currencies, commodities, stocks and bonds. It is calculated without making deductions for depreciation of fabricated assets or for … Download historical data for 20 million indicators using your browser. It allows API clients to download millions of rows of historical data, to query our real-time economic calendar, subscribe to updates and receive quotes for currencies, commodities, stocks and bonds. Spain has some of Europe’s smallest companies, which has left them financially vulnerable. The country has a strong and diverse manufacturing industry and is one of the biggest tourist destinations in the world. Still, it is the biggest contraction ever, pushing the economy into a recession, triggered by one of Europe's strictest coronavirus lockdowns. Blogs about Spain. They’re calling for changes that will make it easier for companies to grow and hire more employees. 1996-2020 Data | 2021-2022 Forecast | Calendar. The pandemic has taken a significant toll on Spain’s people and economy, following five years of strong growth and job creation. GDP growth (annual %) - Spain. “Spain faces a serious risk of Italianization,” said Fernando Fernandez, an economics professor at IE Business School in Madrid. Household consumption surged 20.7 percent (vs -20.4 percent in Q2) and fixed investment jumped 19.9 percent (vs -22.1 percent in Q2). The most unreliable economic data is produced in Argentina which has manipulated inflation and GDP statistics since 2007. With a bit of schadenfreude, they noted that Italy was still far off the mark. “We’re really up or we’re really down.”. Across the country, angst about the future is haunting businesses. Household consumption slumped 20.4 percent (vs -6.8 percent in Q1) and fixed investment tumbled 22.1 percent (vs -4.8 percent). Then came the coronavirus. Goldman Sachs Group is also more optimistic on Spain than Italy in the medium term, citing the former’s investment plans, as well as potential growth and debt sustainability. License: CC BY-4.0 Line Bar Map. Both Spain and Italy are set to receive a major fiscal boost starting next year, when the the European Union begins to funnel billions of euros in funds to member states as part of a historic aid package agreed this year. Spain's real GDP growth in 2019 was about 1.98 percent compared to the previous year. GNI per capita, Atlas method (current US$) Details. Download historical data for 20 million indicators using your browser. Debt is mounting and unemployment is expected to hover around 20% for at least the next couple of years. Trading Economics members can view, download and compare data from nearly 200 countries, including more than 20 million economic indicators, exchange rates, government bond yields, stock indexes and commodity prices.