The Government of Spain remains committed to implementing sweeping structural reforms to bring the country out of the economic crisis that began in the second half of 2008. Since its majority win in the general elections of November 2011, the ruling Popular Party has focused on implementing a series of measures with a view to reducing the deficit, re-structuring the financial sector and reforming the labor market. Despite the economic challenges facing the country, Spain continues to be a significant market for US companies. With a GDP of USD1.36 trillion and a population of 46.73 million people in 2013, Spain is the fifth largest economy in the EU and was the 15th largest importer in the world in 2012.
After 15 years of solid GDP growth that made it the world’s ninth largest economy, Spain entered into a recession in the second quarter of 2008, from which it emerged in the third quarter of 2013. In 2013, unemployment reached 25.7 percent, depressing consumption and contributing to negative 1.2 percent GDP growth. GDP is forecast to grow 1.5 percent in 2014 and 1.8 percent in 2015. As of the end of 2013, inflation was at 1.3 percent.
Spain and the United States enjoy a long-standing political and commercial relationship. Spain has traditionally represented a significant export market. According to the U.S. Department of Commerce, U.S. exports of goods to Spain in 2013 amounted to USD 10.2 billion. Spanish exports to the U.S. decreased in 2013 to USD 11.7 billion down from USD 11.8 billion in 2012. Services exports from the U.S. to Spain continue to be strong. The actual U.S. export numbers to Spain are substantially higher than the reported numbers, since many of Spain’s imports from the U.S. arrive in Europe via ports of entry in other European countries.
After 15 years of solid GDP growth that made it the world’s ninth largest economy, Spain entered into a recession in the second quarter of 2008, from which it emerged in the third quarter of 2013. In 2013, unemployment reached 25.7 percent, depressing consumption and contributing to negative 1.2 percent GDP growth. GDP is forecast to grow 1.5 percent in 2014 and 1.8 percent in 2015. As of the end of 2013, inflation was at 1.3 percent.
Spain and the United States enjoy a long-standing political and commercial relationship. Spain has traditionally represented a significant export market. According to the U.S. Department of Commerce, U.S. exports of goods to Spain in 2013 amounted to USD 10.2 billion. Spanish exports to the U.S. decreased in 2013 to USD 11.7 billion down from USD 11.8 billion in 2012. Services exports from the U.S. to Spain continue to be strong. The actual U.S. export numbers to Spain are substantially higher than the reported numbers, since many of Spain’s imports from the U.S. arrive in Europe via ports of entry in other European countries.
