World Grain - September 2018 - 28

COUNTRY FOCUS

Focus on Spain
Country is Europe's biggest grain
importer and proponent of GM crops
by Chris Lyddon

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NORWAY

SWEDEN

IRELAND

DENMARK

U. K.

GERMANY

POLAND

BELGIUM

CZECH

SWITZERLAND

FRANCE

SPAIN
PORTUGAL

AUSTRIA

ITALY

HUNGARY

Key Facts
Capital: Madrid
Population: 48,958,159 (July 2017 est.)
Religions: Roman Catholic 67.8%, atheist 9.1%, other
2.2%, non-believer 18.4%, unspecified 2.5% (2016 est.).
Location: Southwestern Europe, bordering the Mediterranean Sea, North Atlantic Ocean, Bay of Biscay, and Pyrenees
Mountains; southwest of France.
Government: Parliamentary constitutional monarchy.
Chief of state: King Felipe VI (since June 19, 2014); head of
government: President Pedro Sanchez Perez-Casteion (since
June 2, 2018).
Economy: After a prolonged recession that began in 2008
in the wake of the global financial crisis, Spain marked the
fourth full year of positive economic growth in 2017, with
economic activity surpassing its pre-crisis peak, largely because of increased private consumption. The financial crisis
of 2008 broke 16 consecutive years of economic growth for
Spain, leading to an economic contraction that lasted until
late 2013. In that year, the government successfully shored
up its struggling banking sector with the help of an E.U.funded restructuring and recapitalization program. Until
2014, contraction in bank lending, fiscal austerity, and high
unemployment constrained domestic consumption and investment. The unemployment rate rose from a low of about
8% in 2007 to more than 26% in 2013, but labor reforms
prompted a modest reduction to 16.4% in 2017. High unemployment strained Spain's public finances, as spending
on social benefits increased while tax revenues fell. Spain's
budget deficit peaked at 11.4% of GDP in 2010, but Spain
gradually reduced the deficit to about 3.3% of GDP in 2017.
Public debt has increased substantially - from 60.1%
of GDP in 2010 to nearly 96.7% in 2017. Strong export
growth helped bring Spain's current account into surplus
in 2013 for the first time since 1986 and sustain Spain's
economic growth. Increasing labor productivity and an internal devaluation resulting from moderating labor costs and
lower inflation have improved Spain's export competitiveness and generated foreign investor interest in the economy,
restoring FDI flows. In 2017, the Spanish Government's minority status constrained its ability to implement controversial labor, pension, health care, tax, and education reforms.
The European Commission expects the government to meet
its 2017 budget deficit target and anticipates that expected
economic growth in 2018 will help the government meet its
deficit target.
GDP per capita: $38,300 (2017 est.); inflation: 2% (2017
est.); unemployment: 17.1% (2017 est.).
Currency: euros (EUR): 0.87 euro equal 1 U.S. dollar (Aug.
20, 2018).
Exports: $301.5 billion (2017 est.): machinery, motor vehicles; foodstuffs, pharmaceuticals, other consumer goods.
Imports: $333.4 billion (2017 est.): machinery and equipment, fuels, chemicals, semi-finished goods, foodstuffs, consumer goods, measuring and medical control instruments.
Agriculture: 2.6% of GDP and 4.2% of the labor force.
Internet: Code: .es; 39,123,384 users.
Source : CIA World Factbook

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