This statistic shows the growth of the real gross domestic product (GDP) in Spain from 2019 to 2023, with projections up until 2029. GDP refers to the total market value of all goods and services that are produced within a country per year. It is an important indicator of the economic strength of a country. Real GDP is adjusted for price changes and is therefore regarded as a key indicator for economic growth. Spain's real GDP growth in 2023 was about 2.67 percent compared to the previous year. Spain's recovering economy Spain maintains a relatively important role as a member of the European Union as well as the World Trade Organization. Spain’s economy has been recognized as one of the most paramount in the world, however has been bogged down by multiple crisis’s over the past several years. Economical disasters such as the global financial crisis of 2008 and the euro debt crisis left the Spanish economy with long-term obstacles that the Spanish government has yet to overcome. One of the nation’s main economic struggles resides in unemployment, which was not only considerably high to start the decade but continued to grow to precarious volumes, most notably since 2008. Despite similar economical conflicts in neighboring countries, Spain suffers from one of the highest unemployment rates in Europe, only surpassed by Greece. The Spanish economy prospers from a low import-high export method which was initially implemented after the global financial crisis in order to help the country become more profitable. The country’s exports reached pre-crisis levels and saw continuous growth over the years, to the point that Spain became one of the world’s top exporters. Despite the economic slump due to the crisis, Spain now seems to recover slowly and forecasts are rather optimistic, in 2014, Spain was even among the countries with the largest GDP worldwide.

The Gross Domestic Product (GDP) in Spain was worth 1620.09 billion US dollars in 2023, according to official data from the World Bank. The GDP value of Spain represents 1.54 percent of the world economy. This dataset provides the latest reported value for - Spain GDP - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

Spanish GDP initiated a downward trend in 2008, with its lowest point in 2013, period of time in which Spain's GDP was down to 1,020 billion euros. The Spanish Gross Domestic Product steadily recovered since that year and peaked at 1,462 billion in 2023. The negative impact of the coronavirus pandemic on the economy is noticeable in the sudden plummet experienced by the Spanish GDP in 2020, when it dropped to 1,119 billion euros. Spain's GDP has also been analyzed by quarter.

The Gross Domestic Product (GDP) in Spain expanded 0.80 percent in the fourth quarter of 2024 over the previous quarter. This dataset 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.

The Gross Domestic Product (GDP) in Spain expanded 3.40 percent in the fourth quarter of 2024 over the same quarter of the previous year. This dataset provides the latest reported value for - Spain GDP Annual Growth Rate - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

The Gross Domestic Product per capita in Spain was last recorded at 47298.41 US dollars in 2023, when adjusted by purchasing power parity (PPP). The GDP per Capita, in Spain, when adjusted by Purchasing Power Parity is equivalent to 266 percent of the world's average. This dataset provides the latest reported value for - Spain GDP per capita PPP - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

The value of goods and services offered by the tourism sector in Spain increased by more than 11 percent in 2024, surpassing 200 billion euros. In 2025, the tourism GDP in the Iberian country could grow by eight percent. Holidaymakers in Spain France was the leading source country for inbound tourism in Spain in 2020. Although British tourists in Spain have traditionally been the largest visitor group in the Mediterranean country, the number of travelers from Britain declined by almost 15 million in 2020, most likely due to difficulties created as a result of the COVID-19 pandemic. Notably, the share of domestic tourist expenditure was higher than the share of international tourist expenditure in the country in 2020, which was different from the share of tourism expenditure in Spain prior to COVID-19. COVID-19 impact on the Spanish tourism industry As of December 2021, the travel and tourism sector in Spain was still recovering from the economy-wide disruptions caused by the global health crisis. The monthly growth rate of tourism GDP in Spain was lower in every month of 2020 and 2021 compared to the same month in 2019. Additionally, businesses within the sector reported lower revenues since the beginning of the pandemic, with negative earnings growth rates in Spanish tourism companies in 2020 and 2021 compared to reported earnings in 2019.

Spain ES: Gross Domestic Product (GDP): Current PPP data was reported at 2,553.110 USD bn in 2023. This records an increase from the previous number of 2,326.111 USD bn for 2022. Spain ES: Gross Domestic Product (GDP): Current PPP data is updated yearly, averaging 1,009.753 USD bn from Dec 1981 (Median) to 2023, with 43 observations. The data reached an all-time high of 2,553.110 USD bn in 2023 and a record low of 288.910 USD bn in 1981. Spain ES: Gross Domestic Product (GDP): Current PPP data remains active status in CEIC and is reported by Organisation for Economic Co-operation and Development. The data is categorized under Global Database’s Spain – Table ES.OECD.MSTI: Gross Domestic Product, GDP PPP and GDP Deflator: OECD Member: Annual.

For Spain, beginning in 2008, the R&D questionnaire includes a specific category for on-site consultants undertaking R&D projects in the enterprise; as well as a specific category within the breakdown of current costs.

Since 2004, loans for R&D that are returnable are not included in GBARD, in order to ensure international comparability.

From 2002, R&D expenditure and personnel data for the business enterprise sector include both occasional and regular R&D.

Prior to 1989 R&D personnel data for the Higher Education sector only include researchers. In consequence, total R&D personnel may be underestimated in these years by between 10 and 15 %.

In 1992 there was an upward re-estimation of General University Funds causing a break in series in the financing of HERD and GERD. In 1995, the sources of funds for R&D in the Higher Education sector were reviewed; own funds are now separated from the General University Funds, where they were previously included.

In 1997, the defence objective in GBARD almost doubled in magnitude due to an exceptional contribution by the Ministry for Industry and Energy. The incorporation in 1997 of the Spanish contribution to CERN has involved substantial changes in the “Energy” category.

Spain GDP per Capita: Basque Country data was reported at 31,314.000 EUR in 2010. This records an increase from the previous number of 30,683.000 EUR for 2009. Spain GDP per Capita: Basque Country data is updated yearly, averaging 22,361.000 EUR from Dec 1995 (Median) to 2010, with 16 observations. The data reached an all-time high of 31,791.000 EUR in 2008 and a record low of 13,545.000 EUR in 1995. Spain GDP per Capita: Basque Country data remains active status in CEIC and is reported by National Statistics Institute. The data is categorized under Global Database’s Spain – Table ES.A062: ESA 1995: Base 2000: GDP per Capita and by Region.

Key information about Spain Government Debt: % of GDP

• Spain Government debt accounted for 104.3 % of the country's Nominal GDP in Sep 2024, compared with the ratio of 105.3 % in the previous quarter.
• Spain government debt to GDP ratio data is updated quarterly, available from Mar 1995 to Sep 2024.
• The data reached an all-time high of 124.2 % in Mar 2021 and a record low of 34.9 % in Mar 2008.

• In the latest reports, Spain National Government Debt reached 1,823.5 USD bn in Sep 2024.
• The country's Nominal GDP reached 378.4 USD bn in Mar 2023.

The gross domestic product or GDP refers to the total market value of all goods and services that are produced within a country per year. It is an important indicator of the economic strength of a country. Both Catalonia and Spain as a whole experienced a decrease in GDP between 2008 and 2013. However, in 2023 the GDP of Catalonia rose to its highest point at 292.5 billion euros, with the GDP of the whole of Spain amounting to 1.5 trillion euros. The development of GDP in Spain was thus closely linked to the average change of GDP in the Eurozone, with GDP of Spain having risen significantly since 2020.

Catalonia's role in Spain's GDP

The Catalan participation in the Spanish GDP was estimated at 20 percent in 2023. This figure maintained steadily over the last few years, with an average share of about 20 percent of the total GDP of the country. It is worth mentioning that Catalonia was Spain’s second most populated autonomous community at 7.9 million inhabitants, mostly located in the Barcelona area. The average GDP per capita in Catalonia was significantly higher than that of the rest of Spain at 34,534 euros in 2022. During the same period, Spain’s average GDP per capita was 28,300 euros.

Tourism constitutes an essential industry for the Spanish economic system

Travel and tourism have become one of the leading engines of growth for the Spanish economy, featuring an ongoing increase in the GDP contribution over the last years and reaching approximately 164.5 billion euros in 2022. The industry also plays a key role to boost the Spanish employment market, which has been experiencing a significant improvement since the 2007 financial crisis jeopardized and destroyed many jobs across the country.

Since 1980, Europe's largest economies have consistently been France, Germany, Italy, Spain, and the United Kingdom, although the former Soviet Union's economy was the largest in the 1980s, and Russia's economy has been larger than Spain's since 2010. Since Soviet dissolution, Germany has always had the largest economy in Europe, while either France or the UK has had the second largest economy depending on the year. Italy's economy was of a relatively similar size to that of the UK and France until the mid 2000s when it started to diverge, resulting in a difference of approximately 800 billion U.S dollars by 2018. Russia's economy had overtaken both Italy and Spain's in 2012, but has fallen since 2014 due to the drop in international oil prices and the economic sanctions imposed for its annexation of Crimea - economic growth is expected to be comparatively low in Russia in the coming years due to the economic fallout of its invasion of Ukraine in 2022.

In 2024, the total population of Spain was around 48.38 million people. By 2029, it was forecast to grow up to 50.76 million inhabitants.

Population of Spain While Spain’s fertility rate has been relatively decreasing over the past decade, its year-over-year population growth has been increasing continuously since 2016. The collapse of the job and real estate markets may have led the Spanish to postpone having (more) kids or to migrate to other countries in search of a more stable economy, while inflow of migrates has increased . This theory is supported by data on the average age of Spain’s inhabitants; a look at the median age of Spain’s population from 1950 up until today shows that the Spanish get older on average – perhaps due to the aforementioned factors.

Economic recovery Speaking of Spain’s economy, economic key factors suggest that the country is still recovering from the crisis. Its gross domestic product (GDP) was in admirable shape prior to the collapse, but it still has not returned to its former glory. Only recently has Spain reported actual GDP growth since 2008. Nevertheless, during 2020 and the COVID-19 pandemic, Spain's GDP had a decrease of more than 11 percent. This in turn, led to an increase of the country’s unemployment rate after years of slowly but surely decreasing following an alarming peak of 26 percent in 2013. Future perspectives are, however, somewhat brighter, as GDP is forecast to maintain a positive growth rate at least until 2029, even exceeding two percentage points in 2025.

This statistic shows the level of employment in Spain from 2015 to 2023, with projections up until 2025. In 2023, the level of employment in Spain was around 21.01 million people. Economy of Spain Before the economic crisis started in 2007, Spain’s economy was one of the most thriving in the European Union, but since it was severely hit and officially entered recession in 2009, gross domestic product / GDP growth in Spain has been struggling to recover. The amount of money banks have been lending to Spain due to the euro crisis is enormous, but the country still has a long way to go. There is still a vast difference between government revenue and spending in Spain, with spending being significantly higher than revenue. Today, a look at a comparison of GDP and national debt in selected euro countries reveals that Spain’s GDP is higher than that of other countries which were severely affected by the economic crisis, i.e. Greece, Portugal and Ireland. However, when looking at the national debt in the European Union, Spain’s national debt is still one of the highest. The rate of employment has been decreasing constantly since the crisis, while the unemployment rate in Spain has been increasing dramatically and still continues to rise. Just as in other affected countries, many people are losing their jobs while the younger generation graduating from universities are struggling to find employment. Many are leaving the country in search of work elsewhere. In 2012, Spain introduced a labor reform which is slowly taking effect.

This dataset provides values for GDP reported in several countries. The data includes current values, previous releases, historical highs and record lows, release frequency, reported unit and currency.

With a Gross Domestic Product of over 4.18 trillion Euros, the German economy was by far the largest in Europe in 2023. The similar-sized economies of the United Kingdom and France were the second and third largest economies in Europe during this year, followed by Italy and Spain. The smallest economy in this statistic is that of the small Balkan nation of Montenegro, which had a GDP of 5.7 billion Euros. In this year, the combined GDP of the 27 member states that compose the European Union amounted to approximately 17.1 trillion Euros. The big five Germany’s economy has consistently had the largest economy in Europe since 1980, even before the reunification of West and East Germany. The United Kingdom, by contrast, has had mixed fortunes during the same time period and had a smaller economy than Italy in the late 1980s. The UK also suffered more than the other major economies during the recession of the late 2000s, meaning the French economy was the second largest on the continent for some time afterward. The Spanish economy was continually the fifth-largest in Europe in this 38-year period, and from 2004 onwards, has been worth more than one trillion Euros. The smallest GDP, the highest economic growth in Europe Despite having the smallerst GDP of Europe, Montenegro emerged as the fastest growing economy in the continent, achieving an impressive annual growth rate of 4.5 percent, surpassing Turkey's growth rate of 4 percent. Overall,this Balkan nation has shown a remarkable economic recovery since the 2010 financial crisis, with its GDP projected to grow by 28.71 percent between 2024 and 2029. Contributing to this positive trend are successful tourism seasons in recent years, along with increased private consumption and rising imports. Europe's economic stagnation Malta, Albania, Iceland, and Croatia were among the countries reporting some of the highest growth rates this year. However, Europe's overall performance reflected a general slowdown in growth compared to the trend seen in 2021, during the post-pandemic recovery. Estonia experienced the sharpest negative growth in 2023, with its economy shrinking by 2.3% compared to 2022, primarily due to the negative impact of sanctions placed on its large neighbor, Russia. Other nations, including Sweden, Germany, and Finland, also recorded slight negative growth.

Spain recorded a Government Budget deficit equal to 3.60 percent of the country's Gross Domestic Product in 2023. This dataset provides the latest reported value for - Spain Government Budget - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

As of June 2024, roughly 23 percent of the Spanish population believed that Spain's main current problem is related to the political issues. Unemployment, which was reported as the largest worrying factor in 2024, emerged as the third biggest problem in the country for the Spaniards, at approximately 20 percent.

Spanish economy

In 2023, the Gross Domestic Product (GDP) of Spain was 1,462 billion euros. Spain suffered a steep decrease in its GDP during the COVID-19 pandemic when its value dropped 0.128 billion euros from 2019 to 2020. However, since then the value has been in constant growth. In 2021, the expenditure of Spanish households on consumption represented approximately 55 percent of the GPD.

Unemployment in Spain

Spain was the country with the highest unemployment rate in the European Union in August 2023. This economic problem impacts mostly the Spanish youth with 43 percent of the population aged between 16 and 19 years being unemployed, followed by nearly 26 percent of Spanish citizens in the age group of 20 to 24 years. As of the third quarter of 2023, there were over 2.9 million people unemployed in the country.

The fastest growing economy in Europe in 2024 was Malta. The small Mediterranean country's gross domestic product grew at five percent in 2024, beating out Montenegro which had a growth rate of almost four percent and the Russian Federation which had a rate of 3.6 percent in the same year. Estonia was the country with the largest negative growth in 2024, as the Baltic country's economy shrank by 0.88 percent compared with 2023, largely as a result of the country's exposure to the economic effects of Russia's invasion of Ukraine and the subsequent economic sanctions placed on Russia. Germany, Europe's largest economy, experience economic stagnation with a growth of 0.1 percent. Overall, the EU (which contains 27 European countries) registered a growth rate of one percent and the Eurozone (which contains 20) grew by 0.8 percent.

The statistic shows the inflation rate in Spain from 1987 to 2023, with projections up until 2029. The inflation rate is calculated using the price increase of a defined product basket. This product basket contains products and services, on which the average consumer spends money throughout the year. They include expenses for groceries, clothes, rent, power, telecommunications, recreational activities and raw materials (e.g. gas, oil), as well as federal fees and taxes. In 2023, the average inflation rate in Spain increased by about 3.4 percent compared to the previous year.

Inflation in Spain

As explained briefly above, inflation is commonly defined as the level of prices for goods and services in a country’s economy over a certain time span. It increases when the total money supply of a country increases, causing the money’s value to decrease, and prices to increase again in turn. Nowadays the term “inflation” is used more or less synonymously with “price level increase”. Its opposite is deflation, which, in short, means a decrease of the price level.

Spain and its economy have been severely affected by the financial crisis of 2008 (as can be seen above), when the real estate bubble imploded and caused the demand for goods and services to decrease and the unemployment rate in Spain to increase dramatically. Even though deflation only occurred for one year in 2009 and the price level has been increasing since, Spain’s economy still has a long way to go until full recovery. Apart from the inflation rate and the unemployment rate, gross domestic product / GDP growth in Spain and the trade balance of goods in Spain, i.e. the exports of goods minus the imports, are additional indicators of Spain’s desolate condition during the economic crisis and its slow and difficult recovery ever since.

Still, there is a silver lining for Spain’s economy. All in all, things seems to be improving economically, albeit slowly; many key indicators are starting to stabilize or even pick up again, while others still have some recovering to do.