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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 over 47 million people with a per capita income in 2019 of €26,426 according to data from the National Statistics Institute, with additional demand coming from the 648,669 tourists who visited Spain in 202014, an exceptional drop in the positive evolution of previous years, due to the COVID-19 public health crisis. In this connection, restrictions on international travel had a major impact on tourism in 2020, causing arrivals of tourists to drop by 82% in the Asia-Pacific region and by 68% in Europe and America.

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 (%)
Production components20192020
Agriculture and fishery-2.36.3
Industry1.7-9.4
Construction4.4-15.8
Services2.3-11.2
DEMAND COMPONENTS20192020
Private consumption4.7-12.6
Public consumption2.44.5
Gross fixed capital formation2.1-13.5
National Demand1.4-9.0
Exports of goods and services2.3-20.8
Imports of goods and services0.8-16.8

14Tourism Border Movements (FRONTUR) statistics. Data at December 2020. National Statistics Institute.