- 1Spain: An attractive country for investment
- 2Setting up a business in Spain
- 3 Tax System
- 4 Investment aid and incentives in Spain
- 5 Labor and social security regulations
- 6 Intellectual property law
- 7Legal framework and tax implications of e-commerce in Spain
- AI Annex I Company and Commercial Law
- AIIAnnex II The Spanish financial system
- AIIIAnnex IIIAccounting and audit issues
- The country, its people and quality of life
- Spain and the European Union
- Economic structure
- Domestic Market
- Foreign trade and investment
- Legislation on foreign investment and exchange control
- Obligations in relation to anti-money laundering and counter-terrorism financing
6. Domestic Market
Growth in the Spanish economy in recent times has been driven by a sharp increase in demand and a substantial expansion of production in the current context of globalization of the economy.
Today Spain has a domestic market of over 47 million people with a per capita income in 2019 of €26,426 according to data from the National Statistics Institute, with additional demand coming from the 648,669 tourists who visited Spain in 202014, an exceptional drop in the positive evolution of previous years, due to the COVID-19 public health crisis. In this connection, restrictions on international travel had a major impact on tourism in 2020, causing arrivals of tourists to drop by 82% in the Asia-Pacific region and by 68% in Europe and America.
Table 6 reflects the growth of production and demand components in the last year. The consolidated growth rate of the Spanish economy is mainly due to the contribution of national demand, as well as to foreign demand, given the increase in exports.
Table 6GROWTH OF PRODUCTION AND DEMAND COMPONENTS (%)
|Agriculture and fishery||-2.3||6.3|
|Gross fixed capital formation||2.1||-13.5|
|Exports of goods and services||2.3||-20.8|
|Imports of goods and services||0.8||-16.8|
14Tourism Border Movements (FRONTUR) statistics. Data at December 2020. National Statistics Institute.