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 almost 92% of Spain’s GDP with agriculture’s share today representing a 2.86% of GDP, having declined sharply as a result of the country’s economic growth (see Table 4).
ESTRUCTURE OF GDP (% of total, current prices)
|Agriculture and fishery||2.78%||2.77%||2.86%|
|Source: National Statistics Institute.|
Throughout 2017, the Spanish economy continued the growth observed in the last two quarters of 2013. GDP grew at a quarter-on-quarter rate of 0.8% and 0.9% in the first two quarters of 2017, respectively. This growth was consolidated in the last two quarters, with a rise of 0.8 and 0.7%12 in the third and fourth quarters. Overall, GDP grew 3.1% in 2017, with the Spanish economy recording one of the highest growth rates in Europe.
Moreover, inflation in Spain has been falling slowly since the end of the 1980s. Average inflation between 1987 and 1992 was 5.8%; it dropped below 5% for the first time in 1993, and it has been shrinking gradually since then. The year-on-year inflation rate at December 2017 was 1.1%, due mainly to fuel prices.
GROWTH FOR OECD COUNTRIES (Percentages)
|Real GDP Growth|
|Total Euro Zone||2.0||1.8||2.5|
Source: OECD Quarterly National Accounts.
12 National de Statistics. Data for fourth quarter of 2017.