Spain: The World's 8th Largest Economy

Spain, or officially the Kingdom of Spain, the world's eighth-largest economy, is located in southwestern Europe on the Iberian Peninsula. As a neighbor to France and Portugal, Spain has coastlines on both the Atlantic Ocean and the Mediterranean Sea. The country ranks among the highest purchasing power nations. Under the influence of a young, educated and dynamic population, Spain's economy maintains a competitive position in pricing. We can categorize Spain's economy under several headings. Alongside the service sector's substantial contribution to economic development, Spain's other economic resources include agriculture, automotive, audiovisual equipment manufacturing, industrial machinery and equipment production, and chemical and cosmetic industries. With a Gross Domestic Product of USD 1.362 trillion, Spain has a per capita GDP averaging around USD 33,700. Looking at the country overall, with 22.19 million workers, 29.8% work in industry, 3.5% in agriculture, and 66.6% in the service sector that keeps the economy dynamic.

Metallurgical Activities

The country, with a large portion of its production oriented toward exports, supplies more than 100 industrial equipment and machinery to the world. Metallurgical activities in Spain began developing approximately 100 years ago. In metallurgical activities, iron, coal, lead and zinc play major roles. Regarding pyrite deposits, Spain ranks first in the world. Looking at the energy sector, the country is entirely dependent on imports. Domestic oil reserves cover only approximately 7% of national needs. As a result of 68% dependency on oil and natural gas, the country has begun turning to wind energy for power generation. Looking at the world scale, Spain holds a 10% share in wind energy.

Economic Relations Between Turkey and Spain

Turkey's exports to Spain in 2018 reached USD 7.712 billion, while imports totaled USD 5.492 billion. Bilateral trade volume reached USD 13.204 billion. Compared to 2017, Turkey's exports to Spain increased by 22.3%, while imports declined by 13.8%. Trade between the two countries grew by 4.1%. Among products Turkey exports to Spain are: components and parts for motor vehicles, automotive products, textiles, iron and petroleum oils. Among imported products are: motor vehicles for cargo transport, large cattle, polymers of propylene and other olefins, helicopters, aircraft, spacecraft and iron leading the list. As of 2018, a total of 678 Spanish-capital companies operate in Turkey. Looking at the period between 2002 and 2018, investments from Spain to Turkey amounted to approximately USD 9.304 billion. In Spain, 85 Turkish businesses are in operation. Between 2002 and 2018, investments from Turkey to Spain totaled approximately USD 185 million.

Climate Change Mitigation

Spain holds a very important place among countries combating climate change. Following a government decision, starting from 2050, the use of only renewable sources is planned. Between 2025 and 2035, the shutdown of all 7 nuclear power plants in Spain is being sought. Furthermore, according to a draft prepared last year, starting from 2040, the sale of hybrid, petrol and diesel vehicles is being targeted for a ban. Sources https://gezimanya.com/avrupa/ispanya-ekonomisi http://www.orangesmile.com/gezirehberi/ispanya/ekonomisi.htm http://www.mfa.gov.tr/ispanya-ekonomisi.tr.mfa https://tr.euronews.com/2019/02/13/iklim-degisikligiyle-mucadele-ispanya-butun-nukleer-santrallerini-kapatiyor               Prepared by: Çağla Köksal