Business and Economy
Economy of Spain is the fifth largest in the Europe and eighth largest
in the world as per as
World Bank estimate. With the large infrastructure projects and gradual
opening to tourism shows a tremendous economic growth almost overnight
which came to be known as Spanish Miracle. As of 2007, absolute GDP was
valued at $1,439,000 trillion according to the CIA Factbook. The per capita
PPP is estimated at $33,600, ahead of G7 countries like Italy at $30,900,
France at $32,600, or Japan at $33,500 all as 2007 estimate. The Spanish
economy grew 3.8% in 2007 outpacing all G7 members and all the big EU
economies for the 3rd consecutive year.
Spain is also the 3rd largest world investor. Perennial weak points of
Spain's economy include high inflation, a large underground economy, and
an education system which OECD reports place among the poorest for developed
countries, together with the United States and UK. Spanish economy is
also credited for having avoided the virtual zero growth rates of some
of its gradual partners in the EU. Economy of this country also created
more than half of all new jobs in European Union over the five years.
In EU Spanish economy is regarded as one of the most dynamic economy.
Ever since the 1990s some Spanish companies have gained multinational
status, often, but not only, expanding their activities in culturally
close Latin America. Spain is one of the developed countries and also
has good economy status as it ranks 8th largest economy in the world so
that makes so many companies to start their business here in Spain. Many
International companies have distributed their branches in urban area
of Spain or in main big cities like Madrid, Barcelona etc. Its also a
hot tourist place where so many tourist came which enhances the companies
business in Spain.
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