What is the current economy like in Spain?

The Spanish economy is at the forefront in Europe. There was already strong growth in June 2019. This upward trend was continued even stronger last month. The rest of the eurozone is showing signs of recovery, nowhere is it as strong as in Spain. Spain's economy is the world's thirteenth largest in terms of nominal GDP and one of the largest in the world by purchasing power parity.

Spanish GDP is also about 20% higher, as the underground economy moves 190 billion euros annually.

The Spanish infrastructure concession companies manage 262 transport infrastructure worldwide, representing 36% of the total, according to the latest rankings of the Public Works Financing publication. Spain is also equipped with a solid banking system, including two globally important systemically important banks, Banco Santander and BBVA



Tourism

Spain is a very popular country with a very rich history that attracts many visitors. That is also the reason why tourism is one of the most important sources for the Spanish economy. Over the past four decades, Spain's foreign tourism industry has grown to become the second largest in the world.

From every high-income European country, only Italy and Greece have more underground economies than Spain, so Spain has greater purchasing power and a smaller Gini coefficient.

written by ILBE staff

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