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5. Economic structure

The structure of the Spanish economy is that of a developed country, with the services sector being the main contributor to GDP, followed by industry. These two sectors represent almost 91% of Spain’s GDP with agriculture’s share today representing a 2.92% of GDP, having declined sharply as a result of the country’s economic growth (see Table 4).

Table 4

STRUCTURE OF GDP (% OF TOTAL, CURRENT PRICES)
Sector201720182019
Agriculture and fishery3.09%3.09%2.92%
Industry16.24%15.87%15.76%
Construction6.00%6.23%6.51%
Services74.67%74.82%74.81%
Source: National Statistics Institute.

The Spanish economy continued throughout 2019 to reflect the growth trend which began in the second half of 2013. During the fourth quarter of 2019, the GDP grew at a quarter-on-quarter rate of 0.4%13. Thus, the year-on-year growth of the GDP amounted to 1.8%, which is higher than the growth rate recorded for the Eurozone as a whole in 2019.

Moreover, inflation in Spain has been falling slowly since the end of the 1980s. Average inflation between 1987 and 1992 was 5.8%; it dropped below 5% for the first time in 1993, and it has been shrinking gradually since then. The year-on-year inflation rate at December 2019 was 0.8%, due mainly to the increase in fuel prices and, albeit to a lesser degree, to the rise in air transport prices, well as to the drop in electricity prices.

Table 5

GROWTH FOR OECD COUNTRIES (PERCENTAGES)
Real GDP Growth
201720182019
EU countries
Germany2.81.60.6
France2.41.71.2
Italy1.80.70.2
United Kingdom1.91.31.4
Spain2.92.42.0
Other countries
United States2.42.92.3
Japan2.20.30.8
Total Euro Zone2.71.91.2
Total OECD2.72.31.6
Source: OECD Quarterly National Accounts.

13National Institute of Statistics, Quarterly National Accounts of Spain. Principal Aggregates. Fourth Quarter of 2019.