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Is Spain hic

Updated: 4/28/2022
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6y ago

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Yes, Spain is a hic as it is the fourteenth largest economy in the world by gross domestic product(GDP) and one of the leading in terms of purchasing power parity (PPP).The country’s GDP as at the end of 2016 was $1.536 trillion with purchasing power parity (PPP) of $1.704 trillion. The country’s GDP growth for the year 2016 was 3.2%. Being in the European Union, it uses the Euro as its currency. The unemployment rate stands at 18.6% with the per capita income being $26700. It is ranked 33rd in the ease of doing business. Several of Spanish companies have gained the reputation as credible multinationals making them operate with ease in the culturally close Latin America countries. Their expansion progress into Asian countries such as China and India have given them the competitive advantage over other European companies. Some of them deal in electronics such as Telefonica, Movistar, and Gambesa among others. Inditex which owns other popular clothing brands such as Zara Fashion is also based in Spain. The country’s highly developed infrastructure is the other strong catalyst of its economic growth. It is the fifth best in EU and ranks ahead of countries like Japan and the US in terms of quality transport network especially high-speed trails. These have improved its manufacturing and service industries’ competitiveness. The country is a huge exporter but mainly to the countries within the European Union. The leading ones are Germany (11%), France (15.7%), Italy (7.4%), UK (7.4%), and Portugal (7.1%). It sells machinery, electronics, pharmaceuticals and other consumer products. The data relates to the year ended 2016.The country imports fuel, semi-finished products, chemicals and other consumer products. Its imports come from Germany (14%), UK (11%), China (7%), and Italy (6.5%) among others. The bulk of its trade is with members of the EU.

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