Spain’s economy it’s capitalist, which means that there is private freedom integrated with centralized economic planning and government regulations. Like many developed countries in the world, Spain has a free market economy. However, the country’s employment regulations have led its economy to be weak compared to the American economy. The GNI per capita in 2019 was around $30,390, which is a 3.5% increase from 2018. In 2018 it was at $29,350, which is an 8.3% increase from 2017. In 2017 it was $27,090 which is a 1.6% decline from 2016 ( FocusEconomics, 2021) . In 2020, the country had a GDP per capita of $21 132. The inflation rate in 2019 increased by 0.7 compared to the previous year. By the end of 2021, it’s projected that it would increase by 1.02.
The euro is the widely used currency in Spain. The currency it’s involved in more than 30% of all the foreign exchange deals. Therefore, it is the second most used currency in foreign exchange in the world. Spain is ranked as the best place in Europe one would enjoy living in. it ranked above average in terms of housing, education, healthcare, income and wealth, and jobs and earnings. This means that the country’s standard of living is realistic ( Leiva, 2020) . Apparel and textile, food and beverage, chemicals, metals, shipbuilding industries, and the largest industries which hugely contribute to Spain's economy. The tourism industry also has a significant impact on the economy since it's the second-largest in the world.
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By March 2021, Spain’s FDI increased to $4.9 billion compared to $3.2 billion in February. Spain FDI statistics are available from January 1990 to March 2021. Since January 1995, Spain has been a member of WTO as well as a member of GATT since august 1963 ( BBVA Research, 2021) . The most developed infrastructure in Spain is the train system which happens to be the best in Europe. Around 15,430kilometres of railroads have been constructed, where Madrid acts as the center point. For quick travel in major cities, Metro subways have been constructed.
References
BBVA Research. (2021, April 15). Spain's economic outlook. Second-quarter 2021 . https://www.bbvaresearch.com/en/publicaciones/spain-economic-outlook-second-quarter-2021/
FocusEconomics. (2020). Spain economy - GDP, inflation, CPI, and interest rate . FocusEconomics | Economic Forecasts from the World's Leading Economists. https://www.focus-economics.com/countries/spain/
Leiva, M. (2020, December 16). The state of play: FDI in Spain . Investment Monitor. https://investmentmonitor.ai/spain/the-state-of-play-fdi-in-spain/
