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Spain

 

             The mixed basis of a capitalist economy supports a GDP per capita (18,900) that yields 80% of the four leading West European economies. On 1 January 1999 the government, which is a parliamentary monarchy, successfully gained admission into the first group of countries launching the European single currency. The currency that Spain uses is the euro. In 2001, the conversion rate for a euro to US dollar was 1.1175. .
             Main economic indicators, 2001.
             Real GDP growth (%) 2.8.
             Unemployment rate (%) 13.
             Consumer price inflation (av; %) 3.6.
             General government balance (% of GDP) 0.0(a).
             General government debt (% of GDP) 57.2(a).
             3-month interbank interest rate (%) 4.3.
             Current-account balance (% of GDP) -2.6(b).
             Exchange rate US$:Euro (av) 0.90.
             Exchange rate Stg:Euro (av) 0.62.
             Exchange rate Y:Euro (av) 108.85.
             At this point, the current administration, the AZNAR administration, is focused on a couple of things. One of the main issues is to advocate liberation. Another important issue is privatization. The AZNAR administration is trying hard to deregulate the economy. Lastly, due to the deregulation the administration would like to introduce some kind of tax reform. .
             The current unemployment situation in Spain is looking better and better by the year. At this point, under the new administration, the unemployment rate is steadily decreasing which is definitely a plus. However, the unemployment rate of Spain is still the highest amongst all countries in the European Union at 13%. The labor force at this time is 17.1 million strong. The government is constantly taking steps to make even more progress in labor laws and reforming pension schemes. These laws and schemes would be the key element to sustaining both Spain's internal economic advances and its competitiveness in a single currency area.
             The labor force consists of a few different industries. Services, which makes up the biggest portion of the work force, yields 64%, manufacturing, mining, and construction is host to 29%, and agriculture makes up 7% of the workforce.


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