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Spain - Economy |
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Despite a recent downturn in many European economies,
the Spanish economy remains one of the strongest in the European Union. This strength is
derived from the incredible pace of reform and investment over the last 30 years.
Gross Domestic Product ( GDP ) for 2004 was $995 billion, with a real growth rate
of 2.5%. Unemployment has fallen steadily during the administration of Prime Minister
Zapatero, although it is still comparatively high at 10.5%.
Spain became a full member of the European Union in 1986, and the old currency
of the Peseta
has now been completed replaced by the Euro.
The major industries that contribute to the Spanish economy are :
Agriculture
Agriculture continues to be a major factor in the Spanish economy and accounts for
4% of GDP. Spain is one of the worlds leading wine makers and olive oil producers, grapes
and olives are therefore two of the countries main agricultural products. Others products
produced include oranges, almonds, cereals, tomatoes, onions and other crops. Rearing
livestock, especially sheep and goats, is also a key industry.
Tourism
Tourism is a very important part of the Spanish economy. Spain is the one of the worlds most
visited countries after the USA and France, and tourism injects around
$25 billion into the economy each year.
Fishing
The Spanish fishing fleet is the largest in Europe. Sardines, Squid, Mussels, Tuna and Hake make up the majority of the catch.
Mining
Spain is rich with minerals in particular coal, iron ore, cooper, lead and zinc. The coal and
iron ore are mined in the north of the country, whilst copper and lead are extracted in
Andalucia.
Manufacturing
Some of the main goods manufactured in Spain are textiles, iron and steel, motor vehicles and
chemicals. |
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