Business
Highlights
GDP: US $955.1 bn.
Major Imports: Fuels, Machinery and equipment, consumer goods, chemicals, semi-finished goods, foodstuffs, measuring and medical control instruments
Major Exports: Motor Vehicles, machinery, pharmaceuticals, medicines, foodstuffs, and other consumer goods
Major Trading Partners: UK, USA, Germany, Italy, Netherlands, Portugal, and Japan
Economy
Up until 1975, Spain had a closed economy with tight import controls and higher tariffs. But even with these restrictions in place, Spain managed to gradually evolve from an essentially agrarian to a major industrial economy.
With Spain joining the then European Community in 1986, the rapid economic growth catapulted the country to eighth position in the world for output.
The 1980s and 90s saw the country progressing steadily due to a major growth in the service sector (at present, the service sector alone accounts for two-thirds of economic output of Spain).
Despite tremendous growth, Spain has been slow in tackling a rising unemployment rate (which stood at 11% in 2004). Since joining the European Monetary Union in 1999, the growth of Spanish economy has somewhat slowed down. At current rates, the annual GDP growth rate is 3.5%.
Agriculture, forestry and fisheries sector have been the backbone of Spanish economy for a long time, but this trend has slowed down in the recent years (currently, these sectors account for only 4% of GDP).
For energy, Spain is dependent on indigenous coal and natural gas, imported oil, and a substantial nuclear power programme. The glowing manufacturing sectors include chemicals, IT, electronics, and industrial design.
The tourism sector has been taking rapid strides to contribute towards the annual GDP growth of the country and is growing year on year as more and more people flock to Spain on holiday.
Business Etiquette
Formal business dress, mostly Spanish (occasionally English) used in business conversations. Exchange of business cards is routine as a matter of courtesy. Punctuality and meetings by appointments are appreciated. Office hours are flexible.
Conferences/Conventions
Conference/Convention facilities are available at all major towns and hotels. Seating capacity varies from 540 to 4200.
Useful Commercial Information
Consejo Superior de Cámaras de Comercio Industria y Navegacion de Espana,
C/Ribera del Loira 12,
28042 Madrid,
Spain
Tel: (90) 210 0096
Website: www.camaras.org
Instituo Espanol de Comercio Exterior (ICEX),
2nd Floor, 66 Chiltern Street,
London W1U 4LS,
UK
Tel: (020) 7467 2330
Website: www.mcx.es/londres
Spain Convention Bureau (FEMP)
Calle Nuncio 8,
28005 Madrid,
Spain
Tel: (91) 364 3700
Website: www.femp.es
Oficina de Congresos de Madrid
Calle Mayor 69,
28013 Madrid,
Spain
Tel: (91) 588 2900
Website: www.munimadrid.es/congresos
SPAIN
