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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 6

GROWTH OF PRODUCTION AND DEMAND COMPONENTS (Percentages)
Production components20182019
Agriculture and fishery5.9-2.5
Industry-0.40.6
Construction5.73.6
Services2.72.6
DEMAND COMPONENTS20182019
Private consumption4.42.5
Public consumption1.92.3
Gross fixed capital formation6.22.0
National Demand2.61.5
Exports of goods and services2.22.6
Imports of goods and services3.31.3

14Tourism Border Movements (FRONTUR) statistics. Data at December2019. National Statistics Institute.