This statistic shows the gross domestic product (GDP) per capita in Spain from 2012 to 2016, with projections up until 2022. GDP refers to the total market value of all goods and services that are produced within a country per year. It is an important indicator of the economic strength of a country. In 2016, the GDP per capita in Spain was around 26,565.15 U.S. dollars.
Spain's struggling economy
The Spanish economy is essential for the global market, as it remains one of the largest economies in the world as well as within Europe. The aftermath of the global financial crisis and the Eurozone crisis resulted in an economic collapse, which has yet to be completely resolved by the Spanish government. While unemployment has always been a general weakness for Spain, the occurrence of recent economic disasters has fueled the struggles in the country’s job market, resulting in a decade high unemployment rate. During the prime of both crises, not only millions of workers were laid off, but government spending also reached a new high, considerably exceeding national revenues earned. This not only resulted in further layoffs in the following years, but also burdened the country with almost double the amount of debt.
Prior to the crisis, the public already assumed that the Spanish economy would decline, however the public opinion of the situation became conclusive post 2009. The lack of consumer confidence is only further damaging the Spanish economy, as investors have already pulled much capital from the troubled nation and are hesitant to reinvest their money.
