Spain's Economy
Spain at a Glance
An overview of Spain, the eurozone's fourth largest economy with about 48 million people, its strengths in tourism, services and renewables, and its unemployment problem.
Spain is the eurozone’s fourth largest economy, with about 48 million people.
Strengths
- Tourism: one of the world’s most visited countries.
- Food and farm exports.
- Global firms in fashion, banking, infrastructure and energy.
- Renewable energy.
Weakness
Spain has had among the highest unemployment rates in the EU for decades.
Recent growth
Spain grew faster than most large eurozone economies in 2023-24, helped by tourism, immigration and cheap renewable power.
The busy summer
In August, Spain's beaches and cities fill with tourists, while offices slow down.
Thinking Spain's economy is only tourism
It also has global firms and renewables.
Key takeaways
- Spain has about 48 million people.
- Tourism, food and renewables are strengths.
- Unemployment is persistently high.
- Growth was strong in 2023-24.
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