In 2020, Spain’s GDP stood at 1120 billion euros, compared to the previous year this indicates a drop of 11 percent cand reverses the positive trend that has been observed since 2013. According to this indicator, Spain is the 14th 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. The country’s GDP per capita reached 29,993 US dollars in 2019, 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 Switzerland.
GDP by sectors and regions
Breaking down the gross domestic product into sectors and regions provide a more concise picture of the Spanish economy. In the Community of Madrid and the Basque Country the GDP per capita is almost 80 percent m than in Andalusia and Extremadura (traducir stat 1087914). The latter, together with La Rioja and Castile-La Mancha, are the autonomous communities whose primary sector had t largest share of the GDP. 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 economic impact of COVID-19
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 recent years, travel and tourism’s annual contribution to the national economy exceeded 170 million euros, and made Spain one of the Western countries with the largest GDP share of the tourism sector. With the emergence 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 recovery in the coming years.