Guide to Business in Spain logo

6Domestic 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 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 6

Production components20202021
Agriculture and fishery4.3-5.5
Private consumption-13.66.9
Public consumption3.33.0
Gross fixed capital formation-11.47.2
National Demand-8.75.1
Exports of goods and services-20.115.7
Imports of goods and services-15.214.6
Source: National Institute of Statistics.

14Tourism Border Movements (FRONTUR) statistics. Data at December 2021. National Statistics Institute.