Spain's Economic Roller Coaster

Spain has made an enormous economic improvement in recent years, but it still is behind most of Western Europe. Despite the fact that industry has grown a lot since the 1950s, the country still has problems in trading. Spain mainly trades with Germany, France, Great Britain, and Italy. They mainly export machinery, motor vehicles, wine, food products, fruit and pharmaceuticals. Major imports include machinery and medical equipment while also major fuels, chemicals, foods, manufactured goods and medical instruments. Spain has been progressing since the 1930s when the Spanish Civil War devastated the whole economy.

Today, tourism, industry and agriculture play a major role in the country’s economy. Since the 1960’s, Spain has developed their economy the fastest in Western Europe. Tourism has really played a critical part in the economy since the 60’s and in the last 30 to 40 years; tourism has been the quickest growing economic part of the country’s GDP, which helped to push overall growth. Spain gets millions of visitors to come and they contribute almost fifty billion USD to Spain’s economy annually. Since 2008 till now, Spain has faced major issues concerning mainly unemployment, agriculture, and debt. Agriculture contributes less than five percent of the nation’s GDP, which is very high when you try to compare Spain to other countries in Western Europe. Industry is also a major part in Spain’s economy today and is still very dependent on foreign investment. The most common products from this are motor vehicles, steel, textiles, chemicals and ships. However, with all the issues with Spain’s economy, this research paper will tell you all the information surrounding how they went into a depression, what they did while in it, an...

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...e 2002 the peseta was Spain’s official currency. So with the old currency and the euro, Spain’s economists are hoping it helps lift their economy.

Works Cited

http://www.typicallyspanish.com/news/publish/article_18255.shtml

http://www.eurofound.europa.eu/eiro/2008/09/articles/es0809019i.htm

http://www.spaineconomy.blogspot.com/2008/05/gdp-q1-2008-preliminary.html

http://www.nytimes.com/2008/11/27/business/worldbusiness/27iht-peseta.4.18215053.html

http://www.theeconomicrecession.blogspot.com/2009/01/economic-recession-in-2008-causes.html

http://www.economywatch.com/world_economy/spain/structure-of-economy.html

http://www.wsws.org/articles/2009/feb2009/spai-f20.shtml

http://www.infoplease.com/ce6/world/A0861229.html

http://www.languagecrossing.com/Destinations/Spain/Economy_of_Spain/

http://www.theodora.com/wfbcurrent/spain/spain_economy.html