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||1995 - 2015
Spain is the fourth largest economy in the Euro Zone and the fifth biggest economy in the European Union. The country has a strong and diverse manufacturing industry and is one of the biggest tourist destinations in the world. Spain is part of the European Union since 1986 and the Euro Area since 1999. As a result, Spain became one of the world’s leading destinations for foreign direct investment and its economy grew an average 0.9 percent every quarter from 1994 through 2008. However, in the third quarter of 2008, following the burst of a housing market bubble the country plunged into recession and has been striving to recover ever since. The economic crisis gave rise to very high losses in output and employment, as nearly one quarter of the active population has been unemployed for the last 5 years. Today Spain has a domestic market of about 46.4 million people, with additional demand coming from a record high of 65 million tourists who visited Spain in 2014 (+7.1 percent year-on-year), making it the third most visited country in the world. Indeed, tourism revenues have seen a sustainable growth during the period 2010-2014, reaching 63.1 EUR billion in the same year (+6.5 percent year-on-year). On the expenditure side, private consumption is the main component of GDP accounting for 59 percent of its total use, followed by government spending (19 percent) and gross fixed capital formation (19 percent). Within investments, tangible fixed assets accounts for 16 percent of GDP; construction for 10 percent of GDP; capital goods for 7 percent of GDP; and intellectual property products for 3 percent of GDP. This page provides the latest reported value for - Spain GDP Growth Rate - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. Content for - Spain GDP Growth Rate - was last refreshed on Friday, September 4, 2015.