Spain's once-powerful world empire of the 16th and 17th centuries failed to embrace the mercantile and industrial revolutions and caused it to fall behind Britain, France, and Germany in economic and political power. Spain remained neutral in World Wars I and II, but suffered through a devastating civil war (1936-39).
In the second half of the 20th century, Spain has played a catch-up role in the western international community; it joined the EU in 1986. Continuing challenges include terrorism by the Basque Fatherland and Liberty (ETA), and further reductions in unemployment. Spain is strategically located along approaches to the Strait of Gibraltar.
Facts and Figures
National Name
:
Kingdom of Spain/Espana
Size
:
504,782 sq km
Population
:
40,341,462
Capital
:
Madrid
Largest Cities
:
Barcelona, Valencia, Seville, Malaga, Bilbao
Main Religion
:
Roman Catholic
Monetary Unit
:
Euro
Climate
:
Temperate
Economy
The Spanish economy boomed from 1986 to 1990, averaging five percent annual growth. After a European-wide recession in the early 1990s, the Spanish economy resumed moderate growth starting in 1994. Spain's mixed capitalist economy supports a GDP that on a per capita basis is 80% that of the four leading West European economies.
The center-right government of former President AZNAR successfully worked to gain admission to the first group of countries launching the European single currency (the euro) on 1 January 1999. The AZNAR administration continued to advocate liberalization, privatization, and deregulation of the economy and introduced some tax reforms to that end. Unemployment fell steadily under the AZNAR administration but remains high at 10.4%.
Spain's model of economic growth is based largely on mass tourism, the construction industry, and manufacturing sectors.
Growth of 2.5% in 2003 and 2.6% in 2004 was satisfactory given the background of a faltering European economy. The socialist President, Rodriguez Zapatero, has initiated economic and social reforms that are generally popular among the masses.
Adjusting to the monetary and other economic policies of an integrated Europe, reducing unemployment, and absorbing widespread social changes will pose challenges to Spain over the next few years.
Industries
Textiles and apparel (including footwear), food and beverages, metals and metal manufactures, chemicals, shipbuilding, automobiles, machine tools, tourism, clay and refractory products, footwear, pharmaceuticals, medical equipment
Telecommunications Infrastructure
The telecommunication network is generally adequate, and has modern facilities; teledensity is 44 main lines for each 100 persons.
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