For other uses, see Euro (disambiguation). ... For other uses of the initials WTO, see WTO (disambiguation). ... The Organization for Economic Co-operation and Development (OECD) is an international organization of those developed countries that accept the principles of representative democracy and a free market economy. ... PPP The purchasing power parity (PPP) theory was developed by Gustav Cassel in 1920. ... There are three lists of countries of the world sorted by their gross domestic product (GDP) (the value of all final goods and services produced within a nation in a given year). ... This article is about a term used in economics. ... It has been suggested that this article be split into multiple articles accessible from a disambiguation page. ... Map of countries showing percentage of population who have an income below the national poverty line The poverty line is the level of income below which one cannot afford to purchase all the resources one requires to live. ... The Gini coefficient is a measure of inequality developed by the Italian statistician Corrado Gini and published in his 1912 paper Variabilità e mutabilità. It is usually used to measure income inequality, but can be used to measure any form of uneven distribution. ... This article is about a term used in economics. ... Manufacturing (from Latin manu factura, making by hand) is the use of tools and labor to make things for use or sale. ... Chuquicamata, the second largest open pit copper mine in the world, Chile. ... This article does not cite any references or sources. ... This article does not cite any references or sources. ... Tourist redirects here. ... This article is about the type of fabric. ... Girls wearing formal attire for dancing, an example of one of the many modern forms of clothing. ... High-heeled shoe Footwear consists of garments worn on the feet. ... The word drink is primarily a verb, meaning to ingest liquids, see Drinking. ... For alternative meanings see metal (disambiguation). ... Turned chess pieces Metalworking is the craft and practice of working with metals to create structures or machine parts. ... A chemical substance is any material substance used in or obtained by a process in chemistry: A chemical compound is a substance consisting of two or more chemical elements that are chemically combined in fixed proportions. ... Men from Francisco de Orellanas expedition building a small brigantine, the San Pedro, to be used in the search for food Shipbuilding is the construction of ships. ... Car redirects here. ... A machine tool is a powered mechanical device, typically used to fabricate metal components of machines by the selective removal of metal. ... A machine is any mechanical or electrical device that transmits or modifies energy to perform or assist in the performance of tasks. ... Food from plant sources Food is any substance normally eaten or drunk by living organisms. ... Wikipedia does not yet have an article with this exact name. ... For other uses, see United States (disambiguation) and US (disambiguation). ... A machine is any mechanical or electrical device that transmits or modifies energy to perform or assist in the performance of tasks. ... This page discusses common devices known as tools, for other meanings see Tool (disambiguation) Modern hammer A tool is, among other things, a device that provides a mechanical or mental advantage in accomplishing a task. ... For information on the band, see Fuel (band). ... A chemical substance is any material substance used in or obtained by a process in chemistry: A chemical compound is a substance consisting of two or more chemical elements that are chemically combined in fixed proportions. ... Foodstuffs is a New Zealand co-operative grocery distributer and franchiser for its three supermarket brands - New World, Pakn Save and 4 Square. ... Wikipedia does not yet have an article with this exact name. ... USD redirects here. ...

Transition to a modern economy

What is now the 9th largest economy^[1] in the world inherited a regulated economy from Francoism as this started to fade out in 1975. Francisco Franco, late in life Francisco Paulino Hermenegildo Teódulo Franco y Bahamonde Salgado Pardo de Andrade (December 4, 1892 - November 20, 1975), abbreviated Francisco Franco Bahamonde and sometimes known as Generalísimo Francisco Franco, was dictator of Spain from 1939 until his death in 1975. ...

Francoism initiated in the '60s a set of deregulating moves away from its initial total control of the economy; these, along with large infrastructure projects, resulted in the paramount economic growth almost overnight which came to be known as the "Spanish Miracle". Deregulation is the process by which governments remove restrictions on business and individuals in order to (in theory) encourage the efficient operation of markets. ... The Economics of fascism can be studied by examining the economic policies of various countries under fascist control during the period between World War One and the end of World War II. Some scholars and analysts argue that there is an identifiable political economy of fascism that is distinct from... A white SEAT 600, an icon of the Spanish Miracle The 1957 built, 142m high, Torre de Madrid somehow heralded the advent of the Spanish Miracle The Spanish miracle (Spanish: Desarrollo económico de España) was the name given to the Spanish economic boom between 1959 and 1973. ...

However, by Franco's death and the dawn of the constitutional monarchy, interventionism was still widespread: basic products like bread and sugar had their prices fixed by the government, large public firms controlled all sectors regarded as strategic (Telephone, tobacco, petrol, etc.), shops had fixed opening and closing times (although this too existed, in other European countries, eg. Germany), both passive and active interest rates were fixed by the government, etc. All these rigidities and more were made obvious by the 1973 oil crisis, which terminated the previous expansion cycle and unleashed a roughly 10 years period of severe industrial crisis (1975-1985). This blow stressed the need to modernize the economy and join the European Community. Forms of government Part of the Politics series Politics Portal This box:      A constitutional monarchy is a form of government established under a constitutional system which acknowledges an elected or hereditary monarch as head of state, as opposed to an absolute monarchy, where the monarch is not bound by a... The 1973 oil crisis began in earnest on October 17, 1973, when the members of Organization of Arab Petroleum Exporting Countries (OAPEC, consisting of the Arab members of OPEC plus Egypt and Syria) announced, as a result of the ongoing Yom Kippur War, that they would no longer ship petroleum...

Spain's accession to the European Community, now European Union (EU), in January 1986 ushered the country into opening its economy, modernize its industrial base and revise economic legislation. In doing this effort -supported from the EU with amounts of funds from the European Regional Development Fund- Spain greatly improved infrastructures, increased GDP growth, reduced the public debt to GDP ratio, reduced unemployment from 23% to 10%, and reduced inflation to under 3%. The European Community (EC) was originally founded on March 25, 1957 by the signing of the Treaty of Rome under the name of European Economic Community. ... European Regional Development Fund (ERDF) Scope As part of its task to promote regional development, the ERDF contributes towards financing the following measures: Productive investment to create and safeguard sustainable jobs; Investment in infrastructure which contributes, in regions covered by Objective 1, to development, structural adjustment and creation and maintenance... This page is a candidate to be copied to Wiktionary. ...

The 1990s and current issues

Following peak growth years in the late 1980s, in 1992 the Spanish economy was finally touched by the late 1980s recession; that happened, tellingly, on the year when the Barcelona Olympics were held and all the construction investment and feasts were finished. The economy, however, recovered during the first Aznar administration (1996-2000), driven by a return of consumer confidence and increased private consumption. Unemployment is at 7.6% (October 2006), which represents a significant improvement from the 80's levels and a better rate than the one of Germany or France. Devaluations of the peseta during the 1990s made Spanish exports more competitive. The recession of the late nineteen-eighties was an economic recession that hit much of the world beginning in 1987. ... The 92 Summer Olympics, officially known as the Games of the XXV Olympiad, were held in 1992 in Barcelona, Catalonia, Spain. ... José María Aznar López (born February 25, 1953) was President of the Government (styled Presidente del Gobierno, i. ... The peseta is the former currency of Spain and, (along with the French Franc), of Andorra. ...

In 1999 Spain was amongst the leading group within the EU to adopt the Euro as their accounting money in preparation for its lauching as a physical currency, which happened in January 1, 2002. On that date Spain terminated its historic peseta currency and replaced it with the euro, which has become its national currency shared with 12 other countries from the Eurozone. This culminated a fast process of economic modernization even though the strength of the euro since its adoption has raised recent concerns that Spanish exports outside the European Union are being priced out of the range of foreign buyers. However, this has been offset by the facilitation of trade among the euro nations. is the 1st day of the year in the Gregorian calendar. ... Also see: 2002 (number). ... For other uses, see Euro (disambiguation). ... The Eurozone (also called Euro Area, Eurosystem or Euroland) refers to the European Union member states that have adopted the euro currency union. ...

The Spanish economy is credited for having avoided the virtual zero growth rate of some of its largest partners in the EU (namely France, Germany and Italy) in the late 90's and in the beginning of the 21st century in a process which started with former Prime Minister Aznar's liberalization and deregulation reforms aiming to reduce the State's role in the market place. In 1997 Spain started an impressive economic cycle -which keeps going as of 2007- marked by an outstanding economic growth, with figures around 3%, often well over this rate^[2]. World GDP/capita changed very little for most of human history before the industrial revolution. ...

This has narrowed steadily the economic gap between Spain and its leading partners in the EU over this period. Hence, the Spanish economy has been regarded lately as one of the most dynamic within the EU (the ninth economy of the world and the fifth of EU), even able to replace the leading role of much larger economies like the ones of France and Germany, thus subsequently attracting significant amounts of foreign investment.^[3]

Due to its own economic development and the recent EU enlargements up to 27 members (2007), Spain as a whole finally slightly exceeded (100.7%) the average of the EU GDP in 2004. As for the extremes within Spain, three regions were included in the leading EU group exceeding 125% of the GDP average level (Madrid, Navarre and the Basque Autonomous Community) and one was in the 85% level (Extremadura).^[4] According to the growth rates after 2004 to date, noticeable progress from these figures is still going on as of 2007. States colour-shaded according to entry (darkest being earliest) The European Union originally consisted of six member states. ... Capital Madrid Official language(s) Spanish Area  â€“ Total  â€“ % of Spain Ranked 12th  8,030. ... “Navarra” redirects here. ... Basque Country (Basque Euskadi, Spanish País Vasco) is an autonomous community of Spain whose capital is Vitoria (Basque Gasteiz). ... Capital Mérida Official language(s) Spanish; Area  â€“ Total  â€“ % of Spain Ranked 5th  41,634 km²  8. ...

Fundamental problems of the Spanish economy by early 2007 are, according to Financial Times^[5], its trade deficit, the "loss of competitiveness against its main trading partners" and also, as a part of the latter, an inflation rate which is traditionally higher than the one of its European partners, lately affected by house price increases of 150% from 1998 and a growing family indebtedness (115%) mostly based on this same real estate boom. Nevertheless, it is expected that the Spanish economy will continue growing based on a bigger strength of the industry, the growth of the global economy and the biggest trade with Latin America and Asia. The Financial Times (FT) is a British international business newspaper. ... Balance of trade figures are the sum of the money gained by a given economy by selling exports, minus the cost of buying imports. ... Competitiveness is a comparative concept of the ability and performance of a firm, sub-sector or country to sell and supply goods and/or services in a given market. ...

Environmental concerns

As with most of the fast developing countries, there is an environmental issue and a concern that Spain's model of economic growth (based on the construction industry, manufacturing sectors, and mass tourism). The first report of the Observatory on Sustainability (Observatorio de Sostenibilidad) — published in 2005 and funded by Spain's ministry of the environment and Alcalá University — reveals that the country's per capita GDP grew by 25% over the last ten years, while greenhouse gas emissions have risen by 45% since 1990. Although Spain's population grew by less than 5% between 1990 and 2000, urban areas expanded by no less than 25% over the same period. Meanwhile, Spain's energy consumption has doubled over the last 20 years and is currently rising by 6% per annum. This is particularly worrying for a country whose dependence on imported oil (meeting roughly 80% of Spain's energy needs) is one of the greatest in the EU. Large-scale housing and tourism development are placing strain on local land and water resources. Recent developments to deal with the country's growing water shortage include the building of heavy energy using reverse osmosis plants along the Spanish "costas". A reverse osmosis plant is a manufacturing plant where the process of reverse osmosis takes place. ...

Statistics

GDP: purchasing power parity - $1 203.4 billion (2006)

GDP - real growth rate: 3.9% (2006)

GDP - per capita: purchasing power parity - $27,522 (2006)

GDP - composition by sector:
industry: 30.1%
services: 66.5% (2003 est.)
agriculture: 3.4%

Population below poverty line: 19.8% (2005 est.)^[6]

Household income or consumption by percentage share:
lowest 10%: 2.8%
highest 10%: 25.2% (1990)

Inflation rate (consumer prices): 2.6% (2003 est.)

Labor force: 17.1 million (2001 est.)

Labor force - by occupation: services 64%, manufacturing, mining, and construction 29%, agriculture 7% (2001est.)

Unemployment rate: 7.6% October 2006

Budget:
revenues: $105 billion
expenditures: $109 billion, including capital expenditures of $12.8 billion (2000 est.)

Industries: metals and metal manufactures, textiles and apparel (including footwear), food and beverages, chemicals, shipbuilding, electronic devices, automobiles, machine tools, tourism. Men from Francisco de Orellanas expedition building a small brigantine, the San Pedro, to be used in the search for food Shipbuilding is the construction of ships. ...

Industrial production growth rate: 0.6% (2003 est.)

Electricity - production: 222,500 GWh (2001)

Electricity - production by source:
fossil fuel: 50.4%
nuclear: 27.2%
hydro: 18.2%
other: 4.1% (2001)

Electricity - consumption: 210,400 GWh (2001)

Electricity - exports: 4,138 GWh (2001)

Electricity - imports: 7,588 GWh (2001)

Agriculture - products: grain, vegetables, olives, wine grapes, sugar beets, citrus; beef, pork, poultry, dairy products; fish

Exports: $192.5 billion f.o.b. (2006 est.)

Exports - commodities: machinery, motor vehicles; foodstuffs, other consumer goods

Exports - partners: France 19%, Germany 11.4%, UK 9.6%, Portugal 9.5%, Italy 9.3%, U.S. 4.6% (2002) Motto: (Out Of Many, One) (traditional) In God We Trust (1956 to date) Anthem: The Star-Spangled Banner Capital Washington D.C. Largest city New York City None at federal level (English de facto) Government Federal constitutional republic  - President George Walker Bush (R)  - Vice President Dick Cheney (R) Independence from...

Imports: $289.8 billion f.o.b. (2006 est.)

Imports - commodities: machinery and equipment, fuels, chemicals, semifinished goods; foodstuffs, consumer goods (1997)

Imports - partners: France 17%, Germany 16.5%, Italy 8.6%, UK 6.4%, Netherlands 4.8% (2002)

Debt - external: $90 billion (1993 est.)

Economic aid - donor: ODA, $1.33 billion (1999)

Currency: 1 euro (€) = 100 cents Exchange rates: euros per US dollar - 0.83 (2006), 0.82 (2005), 0.81 (2004), 0.89 (2003), 1.06 (2002), 1.12 (2001), 1.09 (2000), 0.94 (1999)

Fiscal year: calendar year

References and notes

1. ^ World Bank GDP figures
2. ^ OECD figures
3. ^ Official report on Spanish recent Macroeconomics, including tables and graphics
4. ^ Eurostat 2004 GDP figures
5. ^ EUROPE: Boomtime Spain waits for the bubble to burst By: By Leslie Crawford in Madrid, Financial Times, Published: Jun 08, 2006
6. ^ CIA World Fact Book

See also

• Banco de España Spanish Central Bank
• Economic history of Spain
• Economy of Europe

The Banco de España (Bank of Spain) is the national central bank of Spain. ... The Economic history of Spain covers the development of the Spanish economy over the course of its history. ... The economy of Europe comprises more than 710 million people in 48 different states. ...

External links

• Banco de España (Spanish Central Bank); features the latest and in depth statistics
• Statistical Institute of Andalusia
• National Institute of Statistics
• Statistical Institute of Catalonia
• Statistical Institute of Galicia
• OECD's Spain country Web site and OECD Economic Survey of Spain
• Article: Investing in Spain by Nicholas Vardy - September, 2006. A global investor's discussion of Spain's economic boom.

v • d • e Members of the World Trade Organization (WTO)

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