Editing Economy of Spain (section)

==Economic strengths==
[[File:2006Spanish exports.PNG|thumb|450px|A map of Spanish export destinations in 2006]]

Since the 1990s some Spanish companies have gained multinational status, often expanding their activities in culturally close Latin America, Eastern Europe and Asia.  Spain is the second biggest foreign investor in Latin America, after the United States. Spanish companies have also expanded into Asia, especially China and India.<ref name=Economist2009bet>{{Citation

 | date = 30 April 2009 | access-date = 14 May 2009
 | title = A good bet? | newspaper = The Economist | series = Business | place = Madrid
 | url = https://www.economist.com/business/displaystory.cfm?story_id=13579705
}}</ref> This early global expansion gave Spanish companies a competitive advantage over some of Spain's competitors and European neighbors. Another contribution to the success of Spanish firms may have to do with booming interest toward Spanish language and culture in Asia and Africa, but also a corporate culture that learned to take risks in unstable markets.

Spanish companies invested in fields like biotechnology and pharmaceuticals, or [[renewable energy]] ([[Iberdrola]] is the world's largest renewable energy operator<ref>{{cite news|url=https://www.forbes.com/feeds/afx/2008/05/25/afx5046256.html |work=Forbes |title=Spain's Iberdrola signs investment accord with Gulf group Taqa |date=25 May 2008 |url-status=dead |archive-url=https://web.archive.org/web/20100607172216/http://www.forbes.com/feeds/afx/2008/05/25/afx5046256.html |archive-date=7 June 2010 }}</ref>), technology companies like [[Telefónica]], [[Abengoa]], [[Mondragon Corporation]], [[Movistar]], [[Gamesa Corporación Tecnológica|Gamesa]], [[Hisdesat]], [[Indra Sistemas|Indra]], train manufacturers like [[Construcciones y Auxiliar de Ferrocarriles|CAF]] and [[Talgo]], global corporations such as the textile company [[Inditex]], petroleum companies like [[Repsol]] and infrastructure firms. Six of the ten biggest international construction firms specialising in transport are Spanish, lincluding [[Ferrovial]], [[Acciona]], [[Grupo ACS|ACS]], [[Obrascón Huarte Lain|OHL]] and [[Fomento de Construcciones y Contratas|FCC]].<ref name=Economist2009big>{{Citation
 | date = 8 April 2009 | access-date = 14 May 2009
 | title = Big in America? | newspaper = The Economist | series = Business | place = Madrid
 | url = https://www.economist.com/business/displaystory.cfm?story_id=13447445
}}</ref>

Spain is equipped with a solid banking system as well, including two [[List of systemically important banks|global systemically important banks]], [[Banco Santander]] and [[BBVA]].

===Infrastructure===
In the 2012–13 edition of the [[Global Competitiveness Report]] Spain was listed 10th in the world in terms of first-class infrastructure. It is the 5th EU country with best infrastructure and ahead of countries like Japan or the United States.<ref>{{cite web|url=http://www.cincodias.com/articulo/economia/fomento-ultima-drastico-ajuste-inversion-2013/20120919cdscdieco_1/ |title=Fomento ultima un drástico ajuste de la inversión del 17% en 2013|date=19 September 2012|publisher=Cincodias.com |access-date=20 November 2012}}</ref> In particular, the country is a leader in the field of high-speed rail, having developed [[AVE|the second longest network in the world]] (only behind China) and leading high-speed projects with Spanish technology around the world.<ref>{{cite web |url=http://www.spaintechnology.com/icex/cda/controller/pageGen/0,3346,1549487_6719796_6728280_4612066,00.html |title=España, technology for life |publisher=Spaintechnology.com |date=9 August 2012 |access-date=20 November 2012 |url-status=dead |archive-url=https://web.archive.org/web/20130515174023/http://www.spaintechnology.com/icex/cda/controller/pageGen/0,3346,1549487_6719796_6728280_4612066,00.html |archive-date=15 May 2013}}</ref><ref>{{cite news|url=https://www.bbc.co.uk/news/business-15465865 |title=Saudi railway to be built by Spanish-led consortium |publisher=Bbc.co.uk |date=26 October 2011 |access-date=20 November 2012}}</ref>
[[File:2016 Port de Barcelona - 23.jpg|thumb|right|Container ship in the [[port of Barcelona]]]]
The Spanish infrastructure concession companies, lead 262 transport infrastructure worldwide, representing 36% of the total, according to the latest rankings compiled by the publication Public Works Financing. The top three global occupy Spanish companies: ACS, Global Vía and Abertis, according to the ranking of companies by number of concessions for roads, railways, airports and ports in construction or operation in October 2012. Considering the investment, the first world infrastructure concessionaire is Ferrovial-Cintra, with 72,000 million euros, followed closely by ACS, with 70,200 million. Among the top ten in the world are also the Spanish Sacyr (21,500 million), FCC and Global Vía (with 19,400 million) and OHL (17,870 million).<ref>{{cite web |url=http://www.misfinanzasenlinea.com/noticias/20121111/concesionarias-espanolas-operan-el-36-por-ciento-de-las-infraestructuras-mundiales |title=Concesionarias españolas operan el 36% de las infraestructuras mundiales &#124; Mis Finanzas en Línea |publisher=Misfinanzasenlinea.com |date=11 November 2012 |access-date=20 November 2012 |archive-date=15 December 2018 |archive-url=https://web.archive.org/web/20181215122145/http://www.misfinanzasenlinea.com/noticias/20121111/concesionarias-espanolas-operan-el-36-por-ciento-de-las-infraestructuras-mundiales |url-status=dead }}</ref>

During 2013 Spanish civil engineering companies signed contracts around the world for a total of 40 billion euros, setting a new record for the national industry.<ref>{{Cite news|url=http://economia.elpais.com/economia/2014/02/15/actualidad/1392465314_556265.html|title = Pastor prevé que el AVE del desierto abra la puerta a más obras en Arabia Saudí|newspaper = El País|date = 15 February 2014|last1 = Jiménez|first1 = Miguel}}</ref>

The [[port of Valencia]] in Spain is the busiest seaport in the [[Mediterranean basin]], 5th busiest in Europe and 30th busiest in the world.<ref name="ccaa.elpais.com">{{Cite news|url=http://ccaa.elpais.com/ccaa/2013/08/23/valencia/1377256256_866958.html|title=El puerto de Valencia es el primero de España y el trigésimo del mundo|newspaper=El País|date=23 August 2013}}</ref> There are four other Spanish ports in the ranking of the top 125 busiest world seaports ([[Port of Algeciras|Algeciras]], [[Port of Barcelona|Barcelona]], [[Port of Las Palmas|Las Palmas]], and [[Port of Bilbao|Bilbao]]); as a result, Spain is tied with Japan in the third position of countries leading this ranking.<ref name="ccaa.elpais.com"/>

===Export growth===

During the boom years, Spain had built up a [[trade deficit]] eventually amounting a record equivalent to 10% of GDP (2007)<ref name="economia.elpais.com"/> and the [[external debt]] ballooned to the equivalent of 170% of GDP, one of the highest among Western economies.<ref name="ReferenceB"/> Then, during the economic downturn, Spain reduced significantly imports due to domestic consumption shrinking while – despite the global slowdown – it has been increasing exports and kept attracting growing numbers of tourists. Spanish exports grew by 4.2% in 2013, the highest rate in the European Union. As a result, after three decades of running a [[trade deficit]] Spain attained in 2013 a [[trade surplus]].<ref name="economia.elpais.com"/> Export growth was driven by [[capital goods]] and the automotive sector and the forecast was to reach a surplus equivalent to 2.5% of GDP in 2014.<ref>{{cite web|url=http://comfia.info/noticias/76025.html |archive-url=https://web.archive.org/web/20130525165332/http://comfia.info/noticias/76025.html |url-status=dead |archive-date=25 May 2013 |title=La CE prevé que España tendrá superávit comercial en 2014 |publisher=Comfia.info |access-date=13 March 2013}}</ref>
Exports in 2014 were 34% of GDP, up from 24% in 2009.<ref name="ReferenceC">{{Cite news|date=2014-04-19|title=A pressing issue|newspaper=The Economist|url=https://www.economist.com/business/2014/04/19/a-pressing-issue|access-date=2022-01-11|issn=0013-0613}}</ref>
The trade surplus attained in 2013 has been consolidated in 2014 and 2015.<ref name="ReferenceB"/>

Despite slightly declining exports from fellow EU countries in the same period, Spanish exports continued to grow and in the first half of 2016 the country beat its own record to date exporting goods for 128,041 million euros; from the total, almost 67% were exported to other EU countries.<ref>{{Cite news|date=2016-08-19|title=El récord de exportaciones españolas reduce un 31,4% el déficit comercial|language=es|work=El País|url=https://elpais.com/economia/2016/08/19/actualidad/1471596014_317985.html|access-date=2022-01-11|issn=1134-6582}}</ref> During this same period, from the 70 members of the [[World Trade Organization]] (whose combined economies amount to 90% of global GDP), Spain was the country whose exports had grown the most.<ref>{{cite news |title=España, el país del mundo en el que más suben las exportaciones |date=19 September 2016 |first1=Carlos |last1=Molina|work=Cinco Días |url=http://cincodias.com/cincodias/2016/09/16/economia/1474025974_387994.html|access-date=19 September 2016 |language=es}}</ref>

In 2016, exports of goods hit historical highs despite a global slowdown in trade, making up for 33% of the total GDP (by comparison, exports represent 12% of GDP in the United States, 18% in Japan, 22% in China or 45% in Germany).<ref name="Spain outperforms 2016"/>

In all, by 2017 foreign sales have been rising every year since 2010, with a degree of unplanned [[import substitution]] -a rather unusual feat for Spain when in an expansive phase- which points to structural competitive gains.<ref name="ExportsTiger"/> According to the most recent 2017 data, about 65% of the country's exports go to other EU members.<ref>{{cite news|url=http://www.mineco.gob.es/portal/site/mineco/menuitem.ac30f9268750bd56a0b0240e026041a0/?vgnextoid=0d0d488d5350e510VgnVCM1000001d04140aRCRD&vgnextchannel=864e154527515310VgnVCM1000001d04140aRCRD|title= Las exportaciones crecen un 10% hasta junio y siguen marcando máximos históricos|author=Ministerio de Economía Industria y Competitividad|language=es|date=22 August 2017|access-date=23 August 2017}}</ref>