The economy in Spain is growing steadily, which has a positive effect on the lives of the population. Therefore, the real growth of the economy was 3.5 percentage points in 2020 (INE, n.d.). According to Spanish Statistical Office, the real GDP of Spain for 2020 was 254.6 trillion dollars; the nominal GDP was 1.281 trillion dollars (INE, n.d.). Spain is clearly showing excellent growth of the economy, which cannot but please the Spaniards and makes a foreigner think about a vacation in the flourishing Valencia.
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However, there are still threats in the country that could affect the economy. Inflation in Spain shows that prices rose 5.6% year-on-year in November. The unemployment rate stood at 13.33% at the end of 2021, a percentage more than 1.2 points lower than in 2020. For comparison, in the US, the inflation rate was 7%, and unemployment was 6.3% in 2021 (INE, n.d.). Rising prices may affect people’s decision to vacation in the country and reduce the flow of tourists, but at the moment, there is a positive trend in the Spanish economy.
Spain’s trade balance is a problem for the economy of the whole country. In January 2021, the trade balance registered a deficit of 1,769 million euros in Spain, representing 49.6% less than last year’s same month (INE, n.d.). The main trading partners of the country are Germany, China, and France. Spain exports essential goods such as cars, refined oil, and packaged medicines. Imports in the country are crude oil, transport equipment, and ferrous metals.
The form of government in Spain is a constitutional monarchy. Unlike the monarchs of a number of other European countries, the Spanish king is an active figure in the political life of the kingdom. This is very different from the US political system, where the president has more limited power. The monarchy is exactly to face the majestic Spain, which suffered from the usurper in the middle of the last century.
Spain is more than just numbers, so there are several crucial facts one should know about the country. Firstly, Spain has legalized gambling and allowed all forms of gambling. Moreover, Spaniards love to rest and live. Therefore, a large proportion of their pastime consists of rest, food, and festivities. Spaniards rarely hide their emotions and are very friendly. It is normal to begin a conversation with a stranger right in the middle of the street, parting as best friends.
Statistical organization in Spain. (n.d.). Spanish Statistical Office. Web.