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Annual GDP dynamics
- 2023 — +0,61%
- 2017 — +3,1%
- 2016 — +3,2%
- 2015 — +3,1%
- 2014 — +1,4%
- 2013 — −1,2%
- 2012 — −1,6%
- 2011 — +0,1%
- 2010 — −0,3%
- 2009 — −3,57%
- 2008 — +0,9%
- 2004 - + 2.6% (€798.67 billion)
2024: 0.7% growth in Q1
GDP Spain grew in the first quarter of 2024 by 0.7% (forecast -0.4%).
2023
Industry's share of GDP
GDP growth of 0.61%. Seventeenth in the world in PPP GDP
in GDP Spain 2023, it grew by 0.61%, + 2.81% to Q1 2022 g and + 4.55% to Q4 2019.
0.4% growth in Q2
GDP Spain in the second quarter of 2023, it grew by 0.4%, which is in line with the average forecast of economists.
2022
GDP estimate - $1.4 trillion
Industry's share of GDP is less than 15%
GDP size forecast - $1.4 trillion
2021
GDP size - $1.44 trillion
Agriculture's share of GDP is 2.6%
Quarterly GDP dynamics
2020: Spain suffers biggest fall in GDP in first quarter
At the end of April 2020, it became known that Spain experienced the strongest drop in GDP in its history. This happened in the first quarter, when the figure decreased by 5.2% compared to the last three months of 2019 and by 4.8% on an annualized basis. This is evidenced by data from the National Institute of Statistics (INE).
It is noted that we are talking about the largest drop in the quarter ever recorded by INE, which has been keeping statistics since 1970. Prior to this, a similar anti-record was recorded in the third quarter of 2009, when, due to the economic crisis, GDP fell by 2.6%.
Analysts on average expected a reduction in quarterly terms by 4.4%, in annual terms - by 3.2%, Trading Economics reports. Analysts surveyed by The Wall Street Journal predicted a decline of 4.4% and 2.9%, respectively.
Spain is one of the countries most affected by the COVID-19 coronavirus pandemic, the leader in the number of cases on the continent. It is due to the widespread spread of the virus that the country's economy has suffered greatly.
In the first quarter of 2020, Spain recorded a record drop in household consumption (by 7.4%), working hours (by 5%), exports and imports (by 8.4%).
Spain's consumer price index, calculated according to EU standards, dropped 0.6% year-on-year in April 2020.
The Spanish authorities intend to offer the European Union to create a fund of 1.5 trillion euros to help restore the economies of the countries most affected by the consequences of the coronavirus.[1]
2019: Quarterly GDP dynamics since 2007 Chart
2018: 1.66% of global GDP, 14th in the world
Tourism already accounts for 12.3% of Spain's GDP, or almost 148 billion euros. Such data for 2018 is published by the National Institute of Statistics. Compared to 2017, the share of tourism in GDP increased by one tenth of a percent.
In 2015, this figure increased by 1.3 points - from 11% to 12.3%.
2017: +3,1%
According to the results of 2017, Spain retained the trend towards economic growth. Nevertheless, in terms of gross domestic product growth, 2017 lost to 2016.
The country's GDP grew 3.1% in 2017, down two points from a year earlier, according to Spain's National Institute of Statistics. This result is in line with the official forecasts of the government and the Bank of Spain. At the same time, these are interim data, and the final figures will be presented on March 1, 2018.
Thus, the trend towards GDP growth has been observed in Spain for 17 consecutive trimesters. In the first and third trimester of 2017, economic growth was at 0.8%, and in the second it reached 0.9%. At the same time, in the fourth trimester, the Bank of Spain predicted growth of 0.8%, but in reality it was below the forecast by one point. This is due to the political situation in Catalonia, which negatively affected, first of all, personal expenses and tourism. The Bank of Spain's forecast for quantitative and qualitative indicators related to the manufacturing sector was a more favorable[2]
2015: +3,2%
In January International Monetary Fund 2015, he revised the forecast for the development of the Spanish economy. In 2015 GDP Spain , it will grow by 2% - 0.3% more than previously expected. The forecast for the growth of the Spanish economy for 2016 remained the same - 1.8%.
Over the past 12 months, the IMF has repeatedly changed the growth forecasts of the Spanish economy for the better. As a result, the IMF forecast for 2015 coincided with the expectations of the Spanish authorities, which also predict 2 percent GDP growth. However, the forecast of the Spanish government for 2016 is more optimistic - 2.3%.
In July 2015, the government revised its forecast for economic growth for 2015 from 2.9% to 3.3%.
As a result, at the end of the year, an increase of 3.2% was recorded.
2014: +1,4%
In 2014, Spain's GDP growth was 1.4%.
In January 2014, the International Monetary Fund (IMF) revised its forecasts for the growth of the Spanish economy and improved them to 0.6% in 2014 and 0.8% in 2015. In October 2013, these indicators were predicted to be 0.2% and 0.5%, respectively. Meanwhile, the Spanish authorities expect an increase of 0.7% in 2014 and 1.2% in 2015[3].
In April 2014, the Bank of Spain announced that it considers "logical" forecasts for GDP growth of 1.2% in 2014 and 1.7% in 2015. The relevant data are based on perceived improvements in indicators such as exports and financing terms. However, there is also some risk of a decline in GDP due to a decrease in the growth rate of the economies of developing countries and tighter fiscal regulation in 2015. In particular, the Central Bank recalls that the size of Spain's public debt, which is one of the main problems of the country, at the end of 2013 reached 93.9% of GDP.
2013: -1,2%
For the whole of 2013 GDP Spain , it decreased by 1.2%, which coincided with the forecast. IMF S&P analysts' forecasts were less accurate: in June 2013, they expected a 1.5% decrease in this indicator.
In the third quarter of 2013, the Spanish economy officially emerged from a technical recession. This period was the longest in the country's democratic history. For the period from July to September 2013, the Spanish economy grew by 0.1%, the Central Bank said on Wednesday.
The country is entering a state of recession, when the fall in GDP is recorded for two quarters in a row. Since the beginning of the financial crisis in 2008, the country has twice entered a state of recession. In the third quarter of 2008, the economy entered this phase for the first time in 15 years and left it in the first quarter of 2010. However, a second wave soon followed: in the third quarter of 2011, a recession began again in Spain. It lasted more than two years.
2012: GDP contraction
At the end of 2012, the country's GDP will fall by 1.5-1.7 percent. According to the forecast from July 2012, the economy should return to growth only by 2014.
In the second quarter of 2012, the Spanish economy contracted by 0.4% (data from the National Institute of Statistics of the country). The previous quarter was also negative for Spanish GDP - then the decline was 0.3 percent[4].
Initially, the government assumed that in April-June 2012 the economy would return to growth, but this did not happen. Statistics as the main reason for the acceleration of the recession are called a reduction in domestic demand, which amounted to 3.2%.
The savings program, which involves a sharp reduction in government spending and higher taxes, also does not contribute to growth in the country.
See also
Notes
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