Economy of Spain

Spain is considered a developed nation. A nation's level of development is determined by a number of factors including, but not limited to, economic prosperity, life expectancy, income equality and quality of life. As a developed nation, Spain is able to offer its citizens social services such as public education, health care and law enforcement. Citizens of developed countries enjoy a high standard of living and longer life expectancies than citizens of developing countries. Spain exports about US$458 billion and imports about US$431 billion each year. 16.3% of the country's population is unemployed. The total number of unemployed in Spain is 7,562,785. In Spain, 21.1% of the population lives below the poverty line. The percentage of citizens living below the poverty line in Spain is quite high, but not a cause for great concern in terms of investment. Potential lenders should look at other economic indicators, including GDP, the rate of urbanization and the strength of the currency, before making investment decisions. Government spending on education is 4.3% of GDP. The country's Gini index is 34. Spain experiences good equality. The majority of citizens in Spain fall within a narrow income bracket, although some cases can show significant differences. Spain has a Human Development Index (HDI) of 0.869. Spain has a very high HDI value. This suggests that almost all citizens are able to live a desirable life because of social and economic support; Citizens with a low standard of living receive help and support and have the opportunity to rise in society. The Global Peace Index (GPI) for Spain is 1.451. Due to the strong presence of the law enforcement authorities and the high level of social responsibility, Spain is very safe in international comparison. The index for the strength of legal rights for Spain is 5. Overall, it is considered rather insufficient - bankruptcy and collateral laws can protect the rights of borrowers and lenders to a certain extent; Credit information may be sufficient but scarcely available, or conversely, available but not sufficient.

The currency of Spain is Euro. There are several plural forms of the name "euro". These are euros, euros. The symbol used for this currency is €, abbreviated to EUR. The euro is divided into cents; there are 100 in one euro.

Credit rating
The credit rating depth index for Spain is 7, which means that the information is mostly sufficient and fairly detailed; Accessibility is not a problem. According to the credit rating agency S&P, Spain has a credit rating of BBB+ and the prospects for this rating are stable. According to the rating agency Fitch, Spain has a credit rating score of BBB+ and the prospects for this rating are stable. According to the rating agency Moody's, Spain has a credit rating of Baa2 and the prospects for this rating are positive.

Central bank
In Spain, the institution that manages the state's currency, money supply and interest rates is called the Bank of Spain. Locally, the Spanish central bank is called the Banco de España. The average interest rate on deposits offered by local banks in Spain is 2.5%.

National debt
Spain's national debt has not yet been calculated.

Tax information
Corporate tax in Spain is 25%. Personal income tax ranges from 20% to 49% depending on your specific situation and income level. VAT in Spain is 21%.