GDP in Spain - statistics & facts

The Gross Domestic Product (GDP) is one of the most frequently used economic indicators that measures the size of a country’s economy through its production in a given amount of time, usually a year. The GDP comprises all goods and services produced within the national borders regardless of their purpose. It aggregates all private and public consumption, investment, government expenditure and net exports.

In 2022, Spain’s GDP stood at 1,329 billion euros, compared to the previous year this indicates an increase of 120 billion euros and recovers the positive trend that has been observed since 2013, only interrupted in 2020. According to this indicator, Spain is the 15th largest economy in the world. Since the GDP is not adjusted for a country’s population size, GDP per capita is better suited for country to country comparisons. Spain’s GDP per capita reached 29,421 US dollars in 2022, and indicates a tumble from the top ranking, far from the value registered in the economies with the largest GDP per capita, such as Luxembourg and Ireland.

North and South

Breaking down the gross domestic product into sectors and regions provides a more concise picture of the Spanish economy. In the Community of Madrid and the Basque Country, the GDP per capita is approximately 80 percent higher than that of Andalusia and the Canary Islands. Except for the Community of Madrid, all the autonomous communities whose GDP per capita was above the national average were located in the North. Furthermore, Andalusia, Aragon, Extremadura, and Castile - La Mancha are the regions where the primary sector represented the largest share of the GDP, with a shares higher than six percent each. Despite the progressive downturn in the secondary sector, the industrial activity still accounts for a considerable share of the regional GDP in Navarra, La Rioja and the Basque Country.

The service sector dominates the Spanish economy

Unlike agriculture and industry, the GDP share of the services sector has been on the rise in recent decades. The tourism and travel sector has become one of the main engines of the of the Spanish economy. In the mid-2010s, travel and tourism’s annual contribution to the national economy exceeded 110 million euros, and made Spain one of the Western countries with the largest GDP share of the tourism sector. With the outbreak of the COVID-19 pandemic, tourism collapsed, and the Mediterranean country's economy was badly affected. The Bank of Spain estimated that the Spanish GDP fell between 10.7 and 11.6 percent on 2020, thus exceeding any fall experienced by the GDP during the Great Recession in Spain (2008-2014). Despite the remarkable recovery forecasted for 2021, the impact of the pandemic on the Spanish economy will hinder the country's economic growth in the coming years. The tourism sector recovered slightly in 2021, was still far from the pre-pandemic levels of significance, which are not forecast to be reached until 2024.
This text provides general information. Statista assumes no liability for the information given being complete or correct. Due to varying update cycles, statistics can display more up-to-date data than referenced in the text.
Published by Statista Research Department, Dec 21, 2023

Key insights

GDP in current prices as of 2nd quarter 2023
366.5bn EUR
Quarterly change of GDP as of 3rd quarter 2023
0.3%
GDP per capita as of 1st quarter 2023
7,170 EUR
Get more insights

Editor’s Picks Current statistics on this topic

Gross domestic product (GDP) in current prices in Spain from 2008 to 2023 (in billion euros)

Economy

Gross domestic product (GDP) in Spain 2008-2023

Distribution of Spanish GDP in 2022, by economic activity and autonomous community

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GDP: share by economic sector and autonomous community in Spain 2022

Spain: Real gross domestic product (GDP) growth from 2018 to 2028 (compared to the previous year)

Spain

Gross domestic product (GDP) growth in Spain 2028

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Inequality in Spain
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