International business in Spain

International business in Spain

International business in Spain

Spain shares borders with Andorra, France, Gibraltar, Portugal and Morocco. Spain has recovered from the 2008 recession with 2014 marking the first year of positive economic growth for the nation since then.

Unfortunately in 2015, due to the elections held in November, governmental reform plans in the areas of labour, healthcare, pension, education and tax were neglected. The good news however lies in Spain’s lowered borrowed amounts, dropped inflation levels, and burgeoning industries offering some hope of growth in the future.

What are Spain’s vital data points?

Population (million) 46.4
GDP (billion USD) 1,232
GDP per capita (USD) 26,529
GDP per capita PPP (USD) 36,310
Purchasing power per dollar, compared to the USA 112%
Surface area (sq km) 505,940
% of population living in urban areas 79%
% of GDP added by agriculture - industry - services 2% - 23% - 74%
Ease of doing business index (1 = best, 189 = lowest) 33

What are the business opportunities in Spain?

As the country is recovering, it’s becoming more competitive and attractive to foreign investment. Spain’s array of promising industries are:

  • Textiles and Apparel
  • Food and Beverage
  • Metal and metal manufacturers
  • Chemicals
  • Shipbuilding
  • Automobiles
  • Machine tools
  • Tourism
  • Clay and refractory products
  • Pharmaceuticals
  • Medical equipment

What are Spain’s top export commodities?

  • Machinery
  • Motor vehicles
  • Foodstuffs
  • Pharmaceuticals
  • Medicines

What are Spain’s top export partners? 

  • France (16.2%)
  • Germany (10.7%)
  • Portugal (7.6%)
  • Italy (7.3%)
  • UK (7.1%)

Spain’s political framework

The Spanish government is a form of parliamentary monarchy that is considered to be a democracy and a constitutional monarchy in which the monarch act as the Prime Minister and leads as the head of state.

What are Spain’s important events?

Important holidays in Spain include Epiphany, Andalucia Day, St. Joseph’s Day, Community Festival of Madrid, Labor Day, and Hispanic Day. Click here for a complete list of festivals. The country is also known for football, bullfighting, tennis, and Formula One.

The government supports foreign investments through the principle of free establishment and non-discrimination. Thanks to this principle, foreign businesses can operate under the same conditions as local companies. With the recovering economy, Spain may be the country of choice for many international businesses. A complete market research will help you understand the country and formulate your international expansion strategy.

This entry in Europe was updated on December 13, 2017 by specialist.