SpainChapters
Spain's powerful world empire of the 16th and 17th centuries ultimately yielded command of the seas to England. Subsequent failure to embrace the mercantile and industrial revolutions caused the country to fall behind Britain, France, and Germany in economic and political power. Spain remained neutral in World War I and II but suffered through a devastating civil war (1936-39). A peaceful transition to democracy following the death of dictator Francisco FRANCO in 1975, and rapid economic modernization (Spain joined the EU in 1986) gave Spain a dynamic and rapidly growing economy and made it a global champion of freedom and human rights. More recently Spain has emerged from a severe economic recession that began in mid-2008, posting three straight years of GDP growth above the EU average. Unemployment has fallen, but remains high especially among youth. Spain is the Eurozone’s fourth largest economy.
Source: The CIA World Factbook - Spain
Key indicators
- Area
- 505,370 km2
- Population
- 47,260,584 (July 2021 est.)
- Government type
- parliamentary constitutional monarchy
- Languages
- Castilian Spanish (official nationwide) 74%, Catalan (official in Catalonia, the Balearic Islands, and the Valencian Community 17%, Galician 7%, Basque 2%
- GDP
- $1.281 trillion (2020 est.)
- Growth rate
- -10.8% (2020 est.)
- HDI
- 25
- Capital
- Madrid
Macroeconomic indicators
After expanding at over 3% in the past three years, the economy is projected to grow at a robust, but more moderate, pace in 2018 and 2019. Favourable financial conditions and strong job creation will continue to support private domestic demand. Net exports will also contribute positively to GDP growth. Inflation will remain moderate as unemployment remains high.
Public debt is gradually declining, but remains high. As the recovery continues, public debt is projected to fall in relation to GDP, but the government will have to ensure further significant declines in the years ahead, by further improving its fiscal position and introducing additional reforms to strengthen long-term growth. The implementation of the pension reform will be key to ensure long-term fiscal sustainability. More effective labour market policies and re-skilling are needed to further reduce unemployment and inequalities, and make growth more inclusive.
Source: OECD - Economic Forecast
IMF Statistics:
| Subject descriptor | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
|
Gross domestic product, constant prices Percent change (Units) |
6.400 |
5.771 |
2.501 |
1.897 |
2.082 |
|
Gross domestic product, current prices Percent change (Billions) |
1,446.613 |
1,418.916 |
1,581.151 |
1,647.114 |
1,715.584 |
|
Gross domestic product per capita, current prices Percent change (Units) |
30,563.552 |
29,799.745 |
33,071.349 |
34,045.166 |
35,072.464 |
|
Inflation, average consumer prices Percent change (Units) |
3.008 |
8.323 |
3.400 |
2.674 |
2.361 |
|
Volume of imports of goods and services Percent change (Units) |
14.917 |
6.988 |
0.330 |
3.252 |
4.428 |
|
Volume of exports of goods and services Percent change (Units) |
13.496 |
15.154 |
2.322 |
3.047 |
3.877 |
|
Unemployment rate Percent change (Units) |
14.785 |
12.918 |
12.115 |
11.642 |
11.340 |
|
Current account balance Percent change (Billions) |
11.009 |
8.682 |
41.105 |
41.700 |
40.379 |
|
Current account balance Percent change (Units) |
0.761 |
0.612 |
2.600 |
2.532 |
2.354 |
Estimates
Source: IMF Statistics
Relationships with Luxembourg
Existing conventions and agreements
Non double taxation agreement
In order to promote international economic and financial relations in the interest of the Grand Duchy of Luxembourg, the Luxembourg government negotiates bilateral agreements for the avoidance of double taxation and prevent fiscal evasion with respect to Taxes on Income and on fortune with third countries.
- Convention from 03.06.1986 (Memorial 1987, A no.18, p.245)
- Effective as of 01.01.1988 (Memorial 1987, A no.18, p.245)
- Protocol of Amendment from 10.11.2009 (Memorial 2010, A no.51, p.924)
- Effective as of 01.01.2011 (Memorial 2010, A, no. 51, p.924)
Air Services agreement
- Convention from 26.03.1962 (Memorial 1965, A, p. 294 )
- Effective as of 06.02.1965 (Memorial 1965, A, p. 715)
Further information
Foreign Trade
The Statec Foreign Trade statistics provide information on the trade of goods - by product and by country. This information is collected respectively through the INTRASTAT declaration and on the basis of customs documents.
You can see the statistics on the website of the Statec.
Contact points in Spain
Embassy of the Grand Duchy of Luxembourg in Spain
Ambassador with residence in Madrid: Ms Michèle PRANCHÈRE
Calle Claudio Coello, 78
E-28001 Madrid
Spain
Tel.: +34 91 4 35 91 64
Fax: +34 91 5 77 48 26
E-Mail: madrid.amb@mae.etat.lu
Honorary consuls
Honorary Consul with jurisdiction over the Provinces of Alicante, Valencia, Castellon de la Plana and Murcia:
Mr Nicolás AYELA ORTIZ
Calle Juan Bautista
Lafora 3 – entresuelo
E-03002 Alicante
Spain
Tel.: (+34) 96 520 53 33 ; (+34) 96 520 87 51
E-Mail: alicante@consul-hon.lu
Honorary Consul General with jurisdiction over the Provinces of Barcelona, Gerona, Huesca, Lerida, Zaragoza, Tarragona and Teruel:
Ms Blanca GALLUD DEXEUS
Tuset 8 - 10, 8e étage
E-08006 Barcelona
Spain
Tel.: (+34) 93 292 22 68
E-Mail: barcelone@consul-hon.lu
Honorary Consul with jurisdiction over the Basque Country, la Roja, and Navarre:
Mr Luc THEIS
Calle Particular de Ormeche, 6-4
E-48992 Guecho (Vizcaya)
Spain
Tel.: (+34) 944 60 20 72 ; (+34) 600 900 500
E-Mail: bilbao@consul-hon.lu
Honorary Consul with jurisdiction in all the archipelago of the Canary Islands:
Mr Juan Andrès MELIAN SUAREZ
C/ Pintor Juan Guillermo
10 - Local 1
35011 Las Palmas de Gran Canaria
Spain
Tel.: (+34) 928 495 230
E-Mail: laspalmas@consul-hon.lu
Honorary Consul with jurisdiction in the Balearic Islands:
Mr Joan BUADES FELIU
C/ Jaume III, 4
E-07012 Palma de Mallorca
Spain
Tel.: (+34) 971 22 85 00
E-Mail: palma@consul-hon.lu
Honorary Consul with jurisdiction in provinces of Málaga, Jaen, Granada and Almeria:
Ms Maria José SANCHEZ FERNANDEZ
Jardines de Sierra Blanca I, Bajo H
E-26602 Marbella Malaga
Spain
Tel.: (+34) 952 86 84 56
E-Mail: malaga@consul-hon.lu
Honorary Consul with jurisdiction over Provinces of Seville, Cordoba, Cadiz and Huelva:
Mr Luis Miguel REY GOÑI
Alcázares, 4
E-41003 Sevilla
Spain
Tel.: (+34) 954 32 72 00
E-Mail: seville@consul-hon.lu
Source: Ministry of Foreign Affairs Luxembourg
Director of the Hispano-Luxembourg Economic Forum (F.E.H.L.)
Mrs Ana DIEGO
Embajada del Gran Ducado de Luxemburgo
Calle Claudio Coello, 78
E-28001 Madrid
Spain
Tel.: (+34) 91 435 92 26
Fax: (+34) 91 577 48 26
E-Mail: Ana.Diego@mae.etat.lu
Website: www.fehl.es
Country risk as defined by Office du Ducroire for Spain
Ducroire is the only credit insurer covering open account deals in over 200 countries. A rating on a scale from 1 to 7 shows the intensity of the political risk. Category 1 comprises countries with the lowest political risk and category 7 countries with the highest. Macroeconomics experts also assess the repayment climate for all buyers in a country.
Link: Ducroire Office - Country Risk for Spain