Spain is the 14th largest economy in the world and the 4th in the European Union, with 46.7 million inhabitants, a gross domestic product (GDP) of around USD 1,424 billion and a GDP per capita of USD 30,458.
The services sector represents 74.5% of the gross domestic product (GDP), being the most relevant economic activity and with a productive structure very dependent on tourism. The industrial sector is also very important, accounting for around 23% of GDP.
In 2020, due to the impact of the Covid-19 pandemic, the economy contracted around 10.8%, but the increase in private consumption, in 2021, made GDP grow by 5%. It is estimated that there will be an acceleration of economic activity throughout this year (6% according to EIU projections), mainly due to the increase in investment and consumption, but the negative impact of the Ukraine war could lower expectations.
The geographical proximity of Spain to Portugal makes this market the main customer for our country. In order to promote this commercial relationship, it is important to enhance the relationships of complementarity and integration of production chains; take advantage of the trend towards greater product differentiation and customization; and monitor opportunities on e-commerce platforms.
MERCADO / MARKET
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