According to the Mundia Bank, Spain is the 14th largest economy in the world and the 5th largest economy in the EU. The country occupies a prominent position in the world tourism sector, being the 3rd most visited destination and the 2nd most revenue generated in 2015.
In the area of trade and international investment, Spain also ranked in the group of 20 main world markets: 15th goods importer and 19th services, 11th services exporter and 16th goods in 2016. It was placed as 12th Recipient and 13th largest issuer of foreign investment in terms of total stock (data from 2015). Within the EU, Spain was the 7th largest exporter and importer in 2016.
With an area almost six times greater than that of Portugal, the Spanish economy is decentralized in 17 autonomous communities and in two equally autonomous cities in North Africa, with two of these communities (Catalonia and Madrid) together having more population That Portugal (close to 14 million people) and a GDP higher than Portuguese.
According to INE Spain, the Spanish economy grew 0.8% in the first quarter of 2017. The Spanish Government estimates that the dynamism of economic activity should continue in the first months of this year, based on the evolution of the " "Of the Ministry of Economy, having at the end of last April revised up the two forecasts of economic growth to 2.7% in 2017 and 2.5% in 2018.
In 2016, according to the ICEX, exports of goods amounted to 254.5 billion Euros, while imports amounted to 273.3 billion Euros.
The top five suppliers - Germany, France, China, Italy and the USA - accounted for about 45% of the total imported by Spain in 2016.
Portugal ranked 8th in the ranking of suppliers in Spain, accounting for 3.9% of total imports in 2016, according to ITC, with Spanish purchases in Portugal down 1% on the previous year.
In relation to the five largest groups of imported products, there are increases in 2016 in purchases of vehicles, machinery and mechanical equipment and electrical machinery and equipment (respectively + 6%, + 5% and + 2% compared to 2015).
Economic relations with Portugal
Economic relations with Spain are very relevant for Portugal. In 2016, about 21.4% of total Portuguese exports of goods and services were destined to the Spanish market (1st customer), while 31.2% of our total imports came from Spain (1st supplier).
In January-February 2017, according to INE's preliminary data, exports of Portuguese goods to the Spanish market grew by 14.3% and imports by 9.6%, resulting in a reduction of the balance deficit, Which amounted to 946.4 million Euros.
Briefly analyzing the structure of Portuguese exports to Spain in 2016, we find that the eight main product groups - agricultural, vehicles and other transport material, clothing, common metals, plastics and rubber, machinery and appliances, mineral fuels and products Concentrated around 70% of total sales, with market shares varying between 11.2% and 5.1%.
In terms of evolution and taking into account the main groups exported in 2016, there was a strong growth of food groups, machinery and apparatus, clothing, vehicles and other transport material, followed by plastics and rubber and Metals.
According to INE data, there were 5421 Portuguese exporting companies to Spain in 2016.
According to Spanish statistics, by Autonomous Communities, Portugal's main customers were Galicia (18% of total purchases from Spain to Portugal), Catalonia (around 16%), Madrid (15%), Comunidad Valenciana , 3%), Andalusia (8.7%), Castile and Leon (7%) and Basque Country (4%).
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