DOMAINS OF SPAIN

Gross Domestic Product (GDP) at current prices and PPPs (purchasing power parity) for 2002 was $888 billion with a real growth rate of 2%. GDP per capital was approximately $20,700. Agriculture accounts for around 4% of GDP, mainly in the form of wine, olives, fruit, vegetables and rice. Industry accounted for 31% with the main industry being the manufacture of motor vehicles that makes up 5% of GDP.

Spain's fishing fleet, the largest in the EU, is another important contributor. Services make up the remaining 65% with retailing, tourism, banking and telecommunications all making a crucial contribution to economic activity.

Tourism is of particular importance with over 50 million visitors a year injecting some $25 billion into the economy.
Unemployment has been steadily falling under the Aznar administration, but remains relatively high within the EU at 11.1%. The government intends to make further progress in changing labour laws and reforming pension schemes, which are key to the sustainability of both Spain's internal economic advances and its competitiveness in a single currency area.

The interest rate for Spain and the rest of the Eurozone is 2% (7/03) making mortgages affordable and continuing to fuel the property boom. Inflation is currently 2.5% (7/03).