Economy of Spain
Spain's mixed capitalist economy supports a GDP that on a per capita basis is 80% that of the four leading West European economies.
Its center-right government successfully worked to gain admission to the first group of countries launching the European single currency on January 1, 1999. The administration of José María Aznar has continued to advocate liberalisation, privatisation, and deregulation of the economy and has introduced some tax reforms to that end.
Unemployment has been steadily falling under the Aznar administration but remains the highest in the EU at 11.7%. The government intends to make further progress in changing labour laws and reforming pension schemes, which are key to the sustainability of both Spain's internal economic advances and its competitiveness in a single currency area.
A general strike in mid-2002 reduced co-operation between labor and government. Growth of 2.4% in 2003 was satisfactory given the background of a faltering European economy. Adjusting to the monetary and other economic policies of an integrated Europe — and reducing unemployment — will pose challenges to Spain over the next few years.
Spain is the second tourism destination in the World after France. They welcome 52 million tourists per year. With over 51,7 million tourists a year, behind France (77M) and ahead United States (41,9M) Spain is ranked as the second major tourist destination in the world.
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