Pressure on companies, ambitious stimulus facing implementation hurdles

A1

LOW RISK for enterprise

  • Economic risk

  • Business environment risk

  • Political risk

  • Commercial risk

  • Financing risk

  • Economic risk

  • Business environment risk

  • Political risk

  • Commercial risk

  • Financing risk

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GDP
USD1281,1bn (World ranking 14, World Bank 2020)
Population
59,3mn (World ranking 24, World Bank 2020)
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
11.8% Germany
Germany 10.8%
2
10.2% China
Italy 7.5%
3
9.9% France
Portugal 7.3%
4
6.2% Italy
United Kingdom 6.0%
5
4.9% United States

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
The Allianz Trade Collection Complexity Score provides a simple assessment of how easy it is to collect debt around the world. The 2022 edition covers 49 countries that represent nearly 90% of global GDP and 85% of global trade.
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