SpainEconomy—overview: Spain's mixed capitalist economy supports a GDP that on a per capita basis is three-fourths that of the four leading West European economies. Its center-right government has staked much on gaining admission to the first group of countries to implement the European single currency and based on economic indicators Madrid appears poised to be in EMU from the outset. The deficit-to-GDP ratio is 23% the debt-to-GDP ratio is expected to be around 68% and inflation is approximately 2%. Moreover the AZNAR administration has continued to advocate liberalization privatization and deregulation of the economy and has introduced some tax reforms to that end. Unemployment nonetheless remains the highest in the EU at 21%. The government for political reasons has made only limited progress in changing labor laws or reforming pension schemes which are key to the sustainability of both Spain's internal economic advances and its competitiveness in a single currency area. GDP: purchasing power parity—$642.4 billion (1997 est.) GDP—real growth rate: 3.3% (1997 est.) GDP—per capita: purchasing power parity—$16 400 (1997 est.) GDP—composition by sector: agriculture: 3.6% industry: 33.6% services: 62.8% (1995 est.) Inflation rate—consumer price index: 2.1% (1997 est.) Labor force: total: 16.2 million by occupation: services 64% manufacturing mining and construction 28% agriculture 8% (1997 est.) Unemployment rate: 21% (1997 est.) Budget: revenues: $113 billion expenditures: $139 billion including capital expenditures of $15 billion (1995) Industries: textiles and apparel (including footwear) food and beverages metals and metal manufactures chemicals shipbuilding automobiles machine tools tourism Industrial production growth rate: -0.8% (1996) Electricity—capacity: 39.583 million kW (1995) Electricity—production: 154.144 billion kWh (1995) Electricity—consumption per capita: 4 026 kWh (1995) Agriculture—products: grain vegetables olives wine grapes sugar beets citrus; beef pork poultry dairy products; fish catch of 867 000 metric tons in 1993 Exports: total value: $94.5 billion (f.o.b. 1995) commodities: cars and trucks semifinished manufactured goods foodstuffs machinery (1994) partners: EU 72.1% US 4.2% other developed countries 7.9% (1996) Imports: total value: $118.3 billion (c.i.f. 1995) commodities: machinery transport equipment fuels semifinished goods foodstuffs consumer goods chemicals (1994) partners: EU 65.6% US 6.6% other developed countries 11.5% Middle East 6.2% (1996) Debt—external: $90 billion (1993 est.) Economic aid: donor: ODA $1.213 billion (1993) Currency: 1 peseta (Pta) = 100 centimos Exchange rates: pesetas (Ptas) per US$1—153.94 (January 1998) 146.41 (1997) 126.66 (1996) 124.69 (1995) 133.96 (1994) 127.26 (1993) Fiscal year: calendar year
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