Our Market

Below provides a profile of the Western Europe regional market overall, and interesting facts and information about issues important to both Spain and foreign executives working in Spain.

In terms of regions, the Basque Country is the Spanish region with the highest GDP of Spain, followed closely by Madrid, Navarra and Catalonia.

In terms of GDP, the Spanish economy is the world's 12^th largest economy. In 2009 the Spanish GDP per capita stood at the position of 103% of the European Union average, ranking globally as the 26^th position.

Since the crisis of the early 90's, the Spanish economy has been growing constantly, developing a long and sustained period of expansion; however, from 2008 on, as with the Euro zone and the United States, the economy has suffered a decrease in macroeconomic indicators, and consequently has entered into a period of recession, that may last for two years more. This period was mainly originated by the bank credit restraint, interest rate increases and the increases of oil prices.

Although previously there were various indicators that showed signs of deceleration, the damages were reflected in the economy since January 2008 due to the stock market crisis and the problems in the Real Estate industry. All of this, together within the framework of inflation in the increase of fuel prices and food products, the situation has evolved into what is now known as the economic crisis of 2008. Notwithstanding, the medium-term forecasts regarding competitive strengths are optimistic.

The GDP is composed mainly of the services sector contributing with 66.8%, followed by the industrial sector with a contribution of 11.6%.

GDP growth during the past 10 years was 33%.

The Spanish business sector is largely composed of small and medium enterprises comprising 95% of the business market employing 87% of the entire workforce.

Total Area
505.987 km²

Population
45.828.200

Official language
Spanish

Government
Democratic Parliament

Capital
Madrid

Currency
Euro