- 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
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 over 47 million people with a per capita income in 2020 of €23,693 according to data from the National Statistics Institute, with additional demand coming from the 31.1 million tourists who visited Spain in 202114. This marked a 64.4% increase in tourist numbers with respect to 2020, in which an exceptional drop was recorded with respect to the positive trend of previous years, due to the COVID-19 public health crisis. The progressive lifting of restrictions on international travel has fueled a global upturn in tourism.
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 (%)
|Agriculture and fishery||4.3||-5.5|
|Gross fixed capital formation||-11.4||7.2|
|Exports of goods and services||-20.1||15.7|
|Imports of goods and services||-15.2||14.6|
14Tourism Border Movements (FRONTUR) statistics. Data at December 2021. National Statistics Institute.