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Economy of Spain

Spain, formally the Kingdom of Spain is an independent state and a predominant member of European Union. It is situated on the Iberian Peninsula in southwestern Europe. Madrid is the capital and the largest city of Spain. The estimated GDP of Spain in terms of purchasing power parity (PPP) is $1.389 trillion as of 2013, which is fifteenth largest when compared to the rest of the nations. Over the course of last few years, Spain has seen an extended slump in the wake of the over-all monetary crisis. Exports, nevertheless, have been robust all the way through the economic recession, moderately counter weighing drops in domestic rate of a country's use of resources and goods and facilitated to bring Spain's present account into surplus in 2013 for the first time since 1986. The major industries of Spain include textiles, apparel, food, beverages, metals, manufacturers, chemicals, automobiles, machine tools, tourism, footwear and pharmaceuticals. Spain has a calendar year system for handling the fiscal affairs of the nation. The increasing rate of labor and productivity along with the continuous efforts of government is helping to improve the foreign investment in the nation, which ultimately reducing the government borrowing costs to the significant extent.

Imports of Spain

The predominant import commodities of Spain include machinery, manufacturing equipment, petroleum goods, chemicals, foodstuffs and consumer goods. The estimated import value of Spain is $431 billion as per the calculation of 2013, which is the 14th largest when compared to other countries around the world. Spain imports high percentage of merchandise from Germany and France while other major import partners include Germany, France, Italy, China and Netherlands.

Exports of Spain

The estimated export value of $458 billion is $458 billion, thirteenth largest when compared to the rest of the world. Spain believes in free trade when it comes to imports and exports. The major export commodities of Spain include machinery, motor vehicles, foodstuffs, pharmaceuticals, medicines and consumer goods. France, Germany, Italy, Portugal and United Kingdom are the major exports of Spain.

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Capital
Madrid
Dialing Code
+34
Fiscal Year
Calendar Year
Currency
Euro (EUR)
GDP
$1,403,000,000,000
Exports
$330.6 billion (2011 est.) | Machinery, Motor Vehicles; Foodstuffs, Pharmaceuticals, Medicines, Other Consumer Goods
Imports
$384.6 billion (2011 est.) | Machinery And Equipment, Fuels, Chemicals, Semifinished Goods, Foodstuffs, Consumer Goods, Measuring And Medical Control Instruments
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