Spain Economy

Spain Economy

Working abroad sounds like an adventure to many people. However, job search in Spain requires more than just the obvious Spain CV writing and translation, it requires thorough preparation. You will face problems that probably did not even come to your mind when you decided to seek for jobs in Spain.

Do not take too lightly the influence a work in Spain can have on the effect of your adventure! For instance, you will experience the different immigration rules and practices, strange job application procedures, unfamiliar job candidate selection criteria and out of the ordinary management culture.

art_warning Spain EconomyMost visits to Spain are trouble-free but you should be aware of the global risk of indiscriminate international terrorist attacks, which could be against civilian targets, including places frequented by foreigners. The Spain authorities have carried out a number of arrests as a result of investigations into terrorist networks.

Spain economy - overview: Spain's mixed capitalist economy is the 13th largest in the world. The Spanish economy grew every year from 1994 through 2008 before entering a recession that started in the third quarter of 2008. Spain's mixed capitalist economy supports a GDP that on a per capita basis is approaching that of the largest West European economies. GDP contracted by 3.7% in 2009, ending a 16-year growth trend, and by another 0.1% in 2010, before turning positive in 2011, making Spain the last major economy to emerge from the global recession.

Government efforts to boost the economy through stimulus spending, extended unemployment benefits, and loan guarantees did not prevent a sharp rise in the unemployment rate.

By restricting spending, Madrid cut the deficit to 6.5% of GDP in 2011. Spain's large budget deficit and poor economic growth have made it vulnerable to financial contagion from other highly-indebted euro zone members despite the government's efforts to cut spending, privatize industries, and boost competitiveness through labor market reforms.

Spanish banks' high exposure to the collapsed domestic construction and real estate market also poses a continued risk for the sector. The government oversaw a restructuring of the savings bank sector in 2010, and provided some $15 billion in capital to various institutions. Investors remain concerned that Madrid may need to bail out more troubled banks. The Bank of Spain, however, is seeking to boost confidence in the financial sector by pressuring banks to come clean about their losses and consolidate into stronger groups.

Labor force - by occupation: agriculture - 4%, industry - 26.4%, services - 69.5% (2008 est.)

Unemployment rate: 20.8% (2011 est.), 13.9% (2008 est.), 11.3% (2002 est.)

Natural resources: coal, lignite, iron ore, uranium, mercury, pyrites, fluorspar, gypsum, zinc, lead, tungsten, copper, kaolin, potash, hydro-power, arable land

Industries: textiles and apparel (including footwear), food and beverages, metals and metal manufactures, chemicals, shipbuilding, automobiles, machine tools, tourism

euro_banknotes Spain EconomyCurrency: Euro (€) = 100 cents. Notes are in denominations of €500, 200, 100, 50, 20, 10 and 5. Coins are in denominations of €2 and 1, and 50, 20, 10, 5, 2 and 1 cents.

Credit/Debit Cards and ATMs: All major credit and debit cards are widely accepted. ATMs are widely available.

Traveler’s Cheques: International traveler’s cheques are widely accepted. To avoid additional exchange rate charges, travelers are advised to take traveler’s cheques in Euros or Pounds Sterling. Traveler’s cheques should be changed at banks or exchange bureaux.

Exchange rates: Euros (EUR) per US dollar - 0.7107 (2011 est.), 0.755 (2010 est.), 0.7198 (2009 est.), 0.6827 (2008 est.), 0.7345 (2007), 0.7964 (2006), 0.8041 (2005), 0.8054 (2004), 1.06 (2002), 1.12 (2001), 1.09 (2000), 0.94 (1999)

Inflation rate (consumer prices): 3.1% (2011 est.), 1.4% (2008 est.)

Other Spain Economy Info

We hope that your Spain job search has been successful and you will get Spain visa too. So, if your Spain cover letter and Spain CV are ready, you may distribute them to your future employers and start preparing for a Spain job interview.

In addition, on the international info, job search, visa, work permit, cover letter, CV & resume, job interview and dress code pages you will find many useful tips for overseas job seekers.

Good luck with the Spain economy info!

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