Spain

D

Tourism

Spain’s tourist industry is centred on the bathing resorts of the Mediterranean coast, especially Andalusia and the Balearic Islands, but also embraces Madrid, Barcelona, Seville, and other famous cities, as well as rural Spain. Income from tourism, US$21.9 billion in 1994, helps compensate for Spain’s chronic trade deficit. Visitor arrivals in 1995 totalled around 63.2 million.

E

Energy

About 53 per cent of Spain’s electricity is generated in conventional thermal plants primarily using coal or refined petroleum. Hydroelectric facilities produce 16 per cent, and nuclear installations, 24 per cent. In 1993 Spain had an installed electricity-generating capacity of some 43.8 million kW, and output in 2003 was about 247 billion kWh.

F

Currency and Banking

The basic monetary unit was formerly the peseta, but as part of Spain’s commitment to the European single currency it adopted Euro notes and coins as from January 1, 2002. As at early 2007 0.77 Euros equalled US$1. The country is served by a large number of commercial banks. The principal stock exchanges are in Madrid, Barcelona, and Bilbao.

G

Commerce and Trade

In 1995 Spain imported goods valued at about US$110 billion and exported goods valued at about US$85 billion. Principal imports include mineral fuels and lubricants, machinery and transport equipment, crude materials, manufactured goods, food, live animals, and chemicals. The main exports include machinery and transport equipment, food and live animals, chemicals, motor vehicles, iron and steel, and textiles and clothing. The most important trading partners of Spain are the United States, Germany, France, Italy, the United Kingdom, and Portugal.

H

Labour

In 1995 the Spanish workforce comprised about 15.6 million people. About 2.3 million were employed in manufacturing; 1.1 million in agriculture, forestry, and fishing; 7.4 million in service industries; and 1.1 million in construction. Unemployment soared to almost 16.8 per cent during 1995 (more than 4.5 million individuals). In 1993 about 11 per cent of Spain’s workforce was unionized.