Keeping good momentum

A1

LOW RISK for enterprise

  • Economic risk

  • Business environment risk

  • Political risk

  • Commercial risk

  • Financing risk

  • Economic risk

  • Business environment risk

  • Political risk

  • Commercial risk

  • Financing risk

Updated in January 2024.

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GDP
USD1397.5bn (World ranking 15, World Bank 2022)
Population
47,6mn (World ranking 30, World Bank 2022)
Form of state Parliamentary monarchy
Head of government Pedro Sánchez
Next elections General elections, 2027
  • Good performance and competitiveness in some specific sectors, although competitiveness gains are starting to reverse
  • Presence of large international companies
  • Fiscal consolidation to be front-loaded and government debt ratio to decline
  • Bridge between Latin America and the rest of the world
  • Large economy
  • Good infrastructure network
  • Still high public debt (>100% of GDP)
  • High private debt
  • High unemployment rate compared to European peers despite progress
  • Need for further structural reform on education and training
  • Fragmented political landscape, internal tensions over sovereignty issues (Catalonia)
  • Highly dependent on EU supply and demand

Trade structure by destination/origin

(% of total, 2022)

Exports Rank Imports
France 14.9%
1
10.5% China
Germany 9.3%
2
9.1% Germany
Portugal 8.0%
3
8.6% France
Italy 7.8%
4
7.1% United States
Belgium 5.9%
5
5.9% Italy

Trade structure by product

(% of total, 2022)

Exports Rank Imports
Road vehicles 12.3%
1
12.3% Petroleum, petroleum products and related materials
Medicinal and pharmaceutical products 6.8%
2
8.2% Road vehicles
Petroleum, petroleum products and related materials 6.3%
3
5.5% Gas, natural and manufactured
Vegetables and fruits 5.3%
4
5.3% Electrical machinery, apparatus and appliances, n.e.s.
Articles of apparel & clothing accessories 3.8%
5
5.0% Medicinal and pharmaceutical products