Business

• GDP (Gross domestic product): US$1.1 trillion (2006).
• Main imports: Machinery and equipment, fuels, chemicals, semi-finished goods and food.
• Main exports: Machinery, motor vehicles, food, pharmaceuticals and medicines.
• Main trade partners: France, Germany, Italy, UK and Portugal.


Economy
The economy was subdued until Spain joined the (then) European Community in 1986, since when it has expanded rapidly. Spain achieved high growth through the 1980s and 1990s, largely due to an expanding service sector which now accounts for most economic output. Spain joined the European Monetary Union at the start of 1999 and the eurozone in 2002. The Spanish economy has slowed somewhat since 2000, and although unemployment has fallen, it remained high at 8.1% in 2006. The annual GDP growth in 2006 was 3.9% while inflation was estimated at 3.5%.