Spain's Rise to Economic Stability

For the past four decades, Spain has been one of the largest economies of the world. In fact in 2008, the country has been recognized as one of the most dynamic economy within Europe. Moreover, Spain was also the second largest economy of the world in 2008. After about forty years of struggle, the country was able to prove itself in terms of economy.

The reasons for Spain's economic growth are attributed to its virtual zero growth rate with some of its partners in Europe, and the global real estate boom. Aside from these, the country has also stabilized its import export activities to a number of partners all over the world. Since Spain is most popularly known for its agricultural products, most of its exports are agricultural-based.

The largest partners of Spain are the other countries in Europe. Despite its being a small nation, the country has been able to come up with goods and merchandise for trading with other countries around the world. One of the greatest advantages of Spain is its fertile soils and favorable climate. As such the growing of valuable crops such as oranges, olives, and grapes is one of Spain's major sources of income.

Spain's exports have amounted to a total of $248.3 billion, in 2007 alone. This amount has significantly increased since 2003. This only shows that the export ventures of Spain have been successful for these years. France is the biggest export partner of Spain which takes up 11% of Spain's exports. Germany, Portugal, Italy, the United Kingdom, and the United States followed suit. Among these export partners, the United States is the only country outside Europe that is trading relatively well with Spain.

Topping the list of Spain's major exports is petroleum products. Spain is known to have an adequate amount of petroleum deposits such that Spain can afford to share these to other countries. The other major exports of Spain include antiques, stamps, artwork, vegetables, industrial machines, medicinal items, generators, transformers, transformer accessories, wall tiles, floor tiles, and wine. Spain produces some of the best wines in the world. In fact, wine is one of the most popular exports of Spain. Spain's wines have probably reached all corners of the world already.

On the other hand, in order to supplement the needs of Spain, Spain has to import some products from other countries. Importing these products does not necessarily mean in absence of, but rather insufficiency. The major imports to Spain include medicinal equipment, pharmaceutical productions, civilian aircraft and parts, fuel oil, industrial engines, telecommunications equipment, organic chemicals, and food stuffs.