Growth in the Spanish economy in recent times has been driven by a sharp increase in demand and a substantial expansion of production in the current context of globalization of the economy.
Today Spain has a domestic market of 46.6 million people with a per capita income in 2016 of €23,970 according to data from the National Statistics Institute, with additional demand coming from the record 81.8 million tourists who visited Spain in 201713, an 8.6% increase on 2016. This record figure places Spain in the second position, only behind France, of the most visited countries worldwide. Links with Latin America and North Africa and the obvious advantages of using Spain as a gateway to those countries are significant factors.
Table 6 reflects the growth of production and demand components in the last year. The consolidated growth rate of the Spanish economy is mainly due to the rise in national demand, gross capital formation and good performance of net foreign demand. The foreign demand trend stems from higher imports and exports.
GROWTH OF PRODUCTION AND DEMAND
|Agriculture and fishery||7.0||3.7|
|Gross fixed capital formation||3.3||5.0|
|Exports of goods and services||4.8||5.0|
|Imports of goods and services||2.7||4.7|
|Source: National Institute of Statistics.|
13 Tourism Border Movements (FRONTUR). Data at Dicember 2017. Instituto National Statistics Institute.