Economy of Spain
The economy of Spain is a highly developed social market economy. It is the world's 15th largest by nominal GDP and the sixth-largest in Europe. Spain is a member of the European Union and the eurozone, as well as the Organization for Economic Co-operation and Development and the World Trade Organization. In 2023, Spain was the 18th-largest exporter in the world. Meanwhile, in 2022, Spain was the 15th-largest importer in the world. Spain is listed 27th in the United Nations Human Development Index and 36th in GDP per capita by the World Bank. Some main areas of economic activity are the automotive industry, medical technology, chemicals, shipbuilding, tourism and the textile industry. Among OECD members, Spain has a highly efficient and strong social security system, which comprises roughly 23% of GDP. During the Great Recession, Spain's economy was also in a recession. Compared to the EU and US averages, the Spanish economy entered recession later, but stayed there longer. The boom of the 2000s was reversed, leaving over a quarter of Spain's workforce unemployed by 2012. In aggregate, GDP contracted almost 9% during 2009–2013. In 2012, the government officially requested a credit from the European Stability Mechanism to restructure its banking sector in the face of the crisis. The ESM approved assistance and Spain drew €41 billion. The ESM programme for Spain ended with the full repayment of the credit drawn 18 months later. The economic situation started improving by 2013. By then, Spain managed to reverse the record trade deficit which had built up during the boom years. It attained a trade surplus in 2013, after three decades of running a deficit. In 2015, GDP grew by 3.2%: a rate not seen since 2007. In 2014–2015, the economy recovered 85% of the GDP lost during the 2009–2013 recession. This success led some analysts to refer to Spain's recovery as "the showcase for structural reform efforts". Spain's unemployment fell substantially from 2013 to 2017. Real unemployment is much lower, as millions work in the grey market, people who count as unemployed yet perform jobs. Real Spanish GDP may be around 20% bigger, as it is assumed the underground economy is annually 190 billion Euros. Among high income European countries, only Italy and Greece are believed to have larger underground economies. Thus Spain may have higher purchasing power as well as a smaller gini coefficient, than shown in official numbers. The 2020 pandemic hit the Spanish economy with more intensity than other countries, as tourism accounts for 5% of GDP. In the first quarter of 2023, it had fully recovered from the downturn, its GDP reaching pre-pandemic levels. In 2023, Spain's economy grew 2.5%, bucking a downturn in the euro zone as a whole, and is expected to grow at 2.4% in 2024.
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