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Economy and Banking Sector of Spain

National Currency

Euro (EUR)

Spain joined the Euro Area on 1 January 1999.

GDP

Nominal GDP (2019)
1,245.3 bln EUR  (+0.03%)
Nominal GDP per Capita (2019)
26,440 EUR  (+0.02%)
Real GDP Growth (2019)
2.0 %  (2018: 2.6 %)

According to Eurostat, nominal GDP of Spain in 2019 was 1,245.3 bln EUR.

Spain outperforms the European Union in terms of real GDP growth with the average annual differential coming to 0.3% over the past 10 years (2009 - 2019). In 2019 real GDP growth was 2.0% which was above the Euro Area average (1.2%) and above the European Union average (1.5%). Real GDP growth in 2020 - 2024 are IMF's estimates.

Real GDP Growth in Spain.

Chart 1. Real GDP Growth in Spain. Source: Eurostat, International Monetary Fund.

In 2019, nominal GDP per capita in Spain was 26,440 EUR.

Spain has a below-average level of wealth in terms of per-capita GDP at purchasing power parity (PPP); this economic welfare indicator has, on average, fell behind that of the European Union by -6.9% over the past 10 years (2008 - 2018). GDP per capita at PPP in 2019 - 2024 are IMF's estimates.

GDP Per Capita at Purchasing Power Parity in  Spain; European Union = 100.

Chart 2. GDP Per Capita at Purchasing Power Parity in Spain; European Union = 100.

Inflation Rate

CPI, MoM (May 2020)
0.0 %  (Apr 2020: 0.4 %)
CPI, YoY (May 2020)
-0.9 %  (Apr 2020: -0.7 %)
CPI, Year Average (2019)
0.8 %  (2018: 1.7 %)

According to Eurostat, inflation rate in Spain in 2019 expressed as annual percentages of average consumer prices was 0.8% which was below the Euro Area average (1.2%) and below the European Union average (1.5%). Inflation rates in 2020 - 2024 are IMF's estimates.

Inflation Rate in Spain.

Chart 3. Inflation Rate in Spain. Source: Eurostat, International Monetary Fund.

Unemployment Rate

Unemployment Rate (2019)
14.1 %  (2018: 15.3 %)

According to Eurostat, unemployment rate in Spain in 2019 was 14.1% which was above the Euro Area average (7.6%) and above the European Union average (6.3%). Unemployment rates in 2020 - 2024 are IMF's estimates.

Unemployment Rate in Spain.

Chart 4. Unemployment Rate in Spain. Source: Eurostat, International Monetary Fund.

Government Bond Yield

Government Bond Yield (Apr 2020)
0.82 %  (Mar 2020: 0.52 %)

According to Eurostat, government bond yield in Spain in April 2020 was 0.82%, compared to 0.52% in March 2020.

Government bond yield of Spain.

Chart 5. Government bond yield of Spain. Source: Eurostat.

Credit Ratings (as of Aug 2020)

Fitch
A- (high credit quality), outlook stable
Moody's
Baa1 (lower medium grade), outlook stable
Scope
A- (upper medium grade), outlook negative

Spain has sovereign credit ratings assigned by American credit rating agencies Fitch and Moody's: the rating set by Fitch is A- (high credit quality), outlook stable; the rating set by Moody's is Baa1 (lower medium grade), outlook stable. Scope Ratings, the European rating agency, rated Spain as A- (upper medium grade), outlook negative.

Fitch and Moody's rating data are provided for June 2020, Scope Ratings for August 2020.