Spain Economic information

Spain is one of the 27 members of the European Union (EU) and is located in the Eurozone. The country's economy consists of various sectors such as the service sector, industry and agriculture. Spain's gross domestic product (GDP) stood at

1.23 trillion dollars in 2020. However, the economy has taken a big hit due to the COVID-19 pandemic. In 2020, GDP contracted by

10.8% compared to the previous year. Spain's largest industry is the service sector, accounting for a large share of GDP. Sub-sectors such as tourism, finance, retail and real estate play an important role in the service sector. The industrial sector is also important for the Spanish economy. Industrial branches such as automotive, chemistry, textile, electronics and energy contribute greatly to the country's exports. Besides, Spain is one of the world's largest wind energy producers. The agricultural sector has a smaller share in Spain's economy. The country is an important producer and exporter of agricultural products such as olives, wheat, grapes, oranges and tomatoes. Spain's unemployment rate was high even before the COVID-19 pandemic. The unemployment rate increased to 16.1% in 2020. Youth unemployment is at 39.9%. Spain holds an important place as the fifth largest economy of the EU. However, the country's economy is going through a difficult period due to the pandemic and other economic difficulties. The government implements measures packages and incentives to stimulate the economy.