Pressure on companies, ambitious stimulus facing implementation hurdles
LOW RISK for enterprise
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Economic risk
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Business environment risk
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Political risk
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Commercial risk
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Financing risk
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Economic risk
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Business environment risk
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Political risk
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Commercial risk
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Financing risk
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GDP |
|
|
Population |
|
|
Form of state | Parliamentary monarchy | |
Head of government |
Pedro Sánchez |
|
Next elections | General elections, 2023 |

- Good performance and competitiveness in some specific sectors, although competitiveness gains are starting to reverse
- Presence of large international companies
- Fiscal deficit now below 3% of GDP, and public debt-to-GDP ratio has started to decrease
- Bridge between Latin America and the rest of the world
- Large economy
- Good infrastructure network

- Still high public debt (>97.4% of GDP)
- High private debt
- Still high unemployment (14.5%) despite progress
- No recent structural reform on education and training
- Fragmented political landscape, internal tensions over sovereignty issues (Catalonia)
Trade structure by destination/origin
(% of total, 2020)
Exports | Rank | Imports |
---|---|---|
France
15.4%
![]() |
1 |
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Germany
10.8%
![]() |
2 |
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Italy
7.5%
![]() |
3 |
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Portugal
7.3%
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4 |
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United Kingdom
6.0%
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5 |
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Trade structure by product
(% of total, 2020)
Exports | Rank | Imports |
---|---|---|
Road vehicles
15.4%
|
1 |
10.2%
Road vehicles
|
Vegetables and fruits
7.2%
|
2 |
7.2%
Petroleum, petroleum products and related materials
|
Medicinal and pharmaceutical products
4.6%
|
3 |
5.7%
Electrical machinery, apparatus and appliances, n.e.s.
|
Electrical machinery, apparatus and appliances, n.e.s.
4.1%
|
4 |
5.4%
Medicinal and pharmaceutical products
|
Articles of apparel & clothing accessories
3.9%
|
5 |
5.3%
Articles of apparel & clothing accessories
|
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Consumers were meant to drive the post Covid-19 recovery in 2022, but elevated geopolitical uncertainty and sky-high inflation have derailed those expectations.
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Global trade: Battling out of demand and price shocks
25 March
The invasion of Ukraine and renewed Covid-19 outbreaks in China are hitting global trade with a double whammy in 2022: lower volumes and higher prices.
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