Guide to business in Spain Guía de negocios en España

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5. Economic structure


5. ECONOMIC STRUCTURE

The structure of the Spanish economy is that of a developed country, with the services sector being the main contributor to GDP, followed by industry. These two sectors represent 92% of Spain's GDP with agriculture's share today representing a 2.47% of GDP, having declined sharply as a result of the country's economic growth (see Table 4).

Table 4

STRUCTURE OF GDP (% OF TOTAL, CURRENT PRICES)

Sector

2012

2013

2014[*]

Agriculture and fishery

2.44%

2.77%

2.47%

Industry

17.25%

17.59%

17.74%

Construction

6.27%

5.75%

5.44%

Services

74.04%

73.89%

74.35%

Source: National Statistic Institute.

[*] Data for third quarter of 2014

Throughout 2014, the Spanish economy continued the growth observed in the last two quarters of 2013. GDP rose 0.3% quarter-on-quarter in the first quarter of 2014 and strengthened to 0.5% and 0.7%[12], respectively, in the last two quarters. Overall, GDP grew 1.4% in 2014, reflecting the recovery of the Spanish economy.

[12]National Statistic Institute. Advancing data for fourth quarter of 2014.

Guide to business in Spain

Spain: an attractive profile

14

ICEX - Gobierno de España - Ministerio de Economía y competitividad
Elaborado por Garrigues - Abogados y Asesores Tributarios
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