Spain’s economy in facts and figures

Key facts and figures about eurozone member Spain:

DATE OF ENTRY TO EUROZONE: Spain was one of the first countries to join the Economic and Monetary Union, which was born in 1999. Euro coins and notes began circulating across the zone on January 1, 2002.

GROSS DOMESTIC PRODUCT: 1.073 trillion euros in 2011 (Eurostat). After expanding 0.7 percent in 2011, the economy is expected to slump 1.0 percent in 2012 before growing by 0.4 percent in 2013. (European Commission).

PUBLIC DEFICIT: 8.51 percent of GDP in 2011, far above the 6.0 target agreed with Brussels, according to the government. The European Union has tipped a deficit of 5.9 percent of GDP in 2012 and 5.3 percent in 2013, but the government is promising 5.3 percent in 2012 and 3.0 percent in 2013.

PUBLIC DEBT: 641.80 billion euros or 61 percent of GDP in 2010 (Eurostat), compared to 40.1 percent at the end of 2008. Public debt rose to 68.3 percent of GDP in 2011, according to initial Eurostat figures. It is forecast to hit 73.8 percent in 2012 and 78 percent in 2013 (European Commission).

PRIVATE DEBT: In 2010, Spanish households’ gross debt amounted to 90 percent of GDP and business’ gross debt was 205 percent of GDP (IMF).

AVERAGE MONTHLY SALARY: 1,632.65 euros in the last quarter of 2011, according to the National Statistics Institute. The minimum salary is 641.40 euros.

INFLATION: 3.0 percent in 2011, projected to fall to 1.3 percent in 2012 and 2013 (European Commission).

UNEMPLOYMENT: The jobless rate was 23.3 percent at the end of January 2012, (Eurostat), the highest among members of the Organisation for Economic Cooperation and Development. The government has forecast 24.3 percent by the end of this year.

POPULATION: 47.19 million in 2011, the fifth most populous nation of the European Union. Capital: Madrid, with 3.265 million inhabitants in 2011.

ECONOMY: Spain is the fourth biggest economy in the eurozone, dominated by services, with tourism the largest single business activity.

Industry, while on the decline, remains a major pillar of the economy with large construction and automobile sectors.

CREDIT RATINGS: Standard & Poor’s, Moody’s and Fitch have downgraded Spain’s credit rating repeatedly in the past few years, partly because of heavy deficits in regional governments which have undercut the national finances.

LANGUAGE: Official national language: Spanish. Official regional languages: Basque, Catalan and Galician.

RELIGION: Roman Catholic (75 percent).

POLITICAL INSTITUTIONS: Spain has had a constitutional monarchy since the death of General Francisco Franco in 1975, which ended 36 years of dictatorship. The king is head of state and of the military. He names the prime minister after parliament has given its approval. The Congress of Deputies and the Senate form the two houses of parliament.

Last elections: November 20, 2011 won by the conservative Popular Party. Mariano Rajoy took office as prime minister on December 21.