Spain
The light green area is the rest of the European Union
Spain was the 14th largest economy in the world by nominal GDP in 2018. Its GDP per capita was $30,524 USD. It is the second largest country in the EU by geographical area and had the fourth largest population (excluding the UK) in 2019. It was ranked 32nd in the World Bank's Human Capital Index and 28th in the Economic Complexity Index in 2017. It is a member of the EU and OECD. Services was the largest economic sector in 2018 (65.9 percent of GDP), followed by manufacturing (12.6 percent), and agriculture (2.6 percent). In 2017, the largest export sectors were services (30.3 percent), vehicles (14 percent), agriculture (13.65 percent), and chemicals (10.6 percent). The largest individual exports were travel and tourism (15.6 percent), ICT services (9.27 percent), cars (7.64 percent), and transport services (4.05 percent). Its largest export partners were France (14.6 percent), Germany (10.89 percent), Italy (7.69 percent), Portugal (6.99 percent), and the UK (6.58 percent). The largest goods imports were crude oil (6.59 percent), cars (5.61 percent), and parts of motor vehicles (3.71 percent). Economic growth was relatively slow in the eighteenth and first half of the nineteenth century. Industrialisation began in the 1860s but did not progress to an advanced level until the 1960s. The depression and civil war also hurt growth as did the early economic policies of Franco. Between 1950 and 1974 the economy grew strongly as capital deepened and total-factor productivity increased. It also benefitted from trade liberalisation after the 1959 Stabilisation Plan. The 1970s oil shocks brought an end to the growth and the post Franco governments were unable to deliver necessary structural reforms. In the 1990s and up until the global financial crisis the economy boomed as foreign credit fuelled the construction and housing industry. The global financial crisis hit hard. Initial stimulus gave way to austerity, and growth did not return until 2014. Since then the economy has performed well benefitting from increased labour productivity, reduced labour costs, and the return of FDI.