With vibrant, historic cities and sunny beaches, Spain attracts more tourists than any other European country except France. Trade Source: United Nations Comtrade Note: Top 3 trade partners are calculated by imports + exports. As these developments steadily converted Spain's economic structure into one more closely resembling a free-market economy, the country entered the greatest cycle of industrialization and prosperity it had ever known. Reuters Article content. Author of the article: Business Insider. Fact 15: Madrid is the capital city of Spain with a population of 3.2 million. Spain Economic Growth After a severe recession this year due to the Covid-19 blow, the economy is seen rebounding strongly next year as domestic and foreign demand come back to life. It measures up at around 506,000 square kilometers if you include the Canary Islands and the Spanish territories along the North African coastline. 14 horrible facts about the Spanish economy . Foreign aid played a significant role. Economic Trivia: Spain is the second biggest foreign investor in Latin America. This dives deeper into the details . Why has Spain gone from background worry to immediate concern? Once a number of separate kingdoms Productivity in Spain decreased to 98.80 points in the fourth quarter of 2020 from 99.20 points in the third quarter of 2020. Spain is a member of the European Union and the euro area. Fact 14: With a GDP of $1.3 trillion, Spain is the 13th largest economy in the world. These economic complexity rankings use 6 digit exports classified according to the HS96 classification. Its center-right government successfully worked to gain admission to the first group of countries launching the European single currency on 1 January 1999. It was called Ursaria (“land of bears”) by the Romans because of the many bears in the area. 2. Spain – or the Kingdom of Spain, to give the country it’s official title – is the second-largest country in the European Union after France. As the reign went on Spain’s economic problems grew worse and eventually Spain had amassed a debt of 85.5 million ducats whilst his average annual income was 9.7 million. The country ranks at 14th place in the world’s largest economies. It also has a very high Human Development Index, landing at 23rd position worldwide. Services to the tourism industry drive Spain's economy, the eighth largest in the world. In Europe, Spain’s GDP is only surpassed by that of France, Italy, Germany, and the UK. Productivity in Spain averaged 92.69 points from 1995 until 2020, reaching an all time high of 105.20 points in the second quarter of 2020 and a record low of 85.10 points in the second quarter of 1999. The economy of Spain is among the largest in the world, with its Gross Domestic Product standing at $1.36 trillion. Publishing date: May 30, 2012 • May 30, 2012 • < 1 minute read. In 1986 Spain joined the European Community and further modernized its economy. During the last 20 years Spain's economy has become relatively less complex, moving from the 17th to the 36th position in the ECI rank. Top 3 Trade Partners (2019): France, Germany, and Italy Top 3 Exported Goods (2019): Motor Vehicles & Parts, Industrial Machinery, and Oil & Mineral Fuels Spain Economy Economy—overview: Spain's mixed capitalist economy supports a GDP that on a per capita basis is three-fourths that of the four leading West European economies. Economically, Spain has been in a serious predicament since the financial crisis of 2008.