- 1Spain: An attractive country for investment
- 2Setting up a business in Spain
- 3 Tax System
- 4 Investment aid and incentives in Spain
- 5 Labor and social security regulations
- 6 Intellectual property law
- 7Legal framework and tax implications of e-commerce in Spain
- AI Annex I Company and Commercial Law
- AIIAnnex II The Spanish financial system
- AIIIAnnex IIIAccounting and audit issues
- The country, its people and quality of life
- Spain and the European Union
- Economic structure
- Domestic Market
- Foreign trade and investment
- Legislation on foreign investment and exchange control
- Obligations in relation to anti-money laundering and counter-terrorism financing
6. Domestic Market
Growth in the Spanish economy in recent times has been driven by a sharp increase in demand and a substantial expansion of production in the current context of globalization of the economy.
Today Spain has a domestic market of 47 million people with a per capita income in 2018 of €25,727 according to data from the National Statistics Institute, with additional demand coming from the record 83.7 million tourists who visited Spain in 201914, a 1.1% increase on 2018. This record figure places Spain in the second position, only behind France, of the most visited countries worldwide. Links with Latin America and North Africa and the obvious advantages of using Spain as a gateway to those countries are significant factors.
Table 6 reflects the growth of production and demand components in the last year. The consolidated growth rate of the Spanish economy is mainly due to the contribution of national demand, as well as to foreign demand, given the increase in exports.
Table 6GROWTH OF PRODUCTION AND DEMAND COMPONENTS (Percentages)
|Agriculture and fishery||5.9||-2.5|
|Gross fixed capital formation||6.2||2.0|
|Exports of goods and services||2.2||2.6|
|Imports of goods and services||3.3||1.3|
14Tourism Border Movements (FRONTUR) statistics. Data at December2019. National Statistics Institute.