Country Guide
Spain
Business

Spain Business

Belmonte Castle, Belmonte © 123rf.com/Matt Trommer

• GDP: US$1.1 trillion (2006).
• Main imports: Machinery and equipment, fuels, chemicals, semi-finished goods and food.
• Main exports: Machinery, motor vehicles, food, pharmaceuticals and medicines.
• Main trade partners: France, Germany, Italy, UK and Portugal.

Economy

The economy was subdued until Spain joined the (then) European Community in 1986, since when it has expanded rapidly. Despite decline in agriculture and older sectors, Spain achieved high growth through the 1980s and 1990s, largely due to an expanding service sector which now accounts for most economic output. Spain joined the European Monetary Union at the start of 1999 and the eurozone in 2002. The Spanish economy has slowed somewhat since 2000, and although unemployment has fallen, it remained high at 8.1% in 2006. The annual GDP growth in 2006 was 3.9% while inflation was estimated at 3.5%.

The agricultural sector produces cereals, vegetables, fruit, olive oil and wine. The fishing fleet, although reduced, remains one of the world's largest.

Energy requirements are met by indigenous coal and natural gas, imported oil and a sizeable nuclear power programme. The decline of older manufacturing industries has been offset by rapid expansion in the motor industry, chemicals, electronics, information technology and industrial design.

In the service sector, Spain is the second most-popular destination in the world and has a vast tourism industry, mainly servicing visitors from northern Europe. Financial services, transport, media and telecommunications have also undergone substantial growth.

Business Etiquette

Businesspeople are generally expected to dress smartly. English is widely spoken in the principal cities and resorts but far less so in the provinces. Some knowledge of the Spanish language is always appreciated and sometimes essential. Punctuality is important. Attitudes to such things as responding to emails, letters and phone calls can be surprisingly casual.

Office hours: Tend to vary considerably but base hours of 0900-1330 and 1700-1800 are fairly typical. Businesspeople are advised to check before visiting or making calls.

Conferences & Conventions

Most large towns have dedicated convention centres in addition to the facilities provided by hotels. Seating capacity ranges from 540 in Jaca to 4,200 in Palma de Mallorca; Madrid can seat up to 2,650 persons.

Business Contacts

Consejo Superior de Cámaras de Comercio
Industria y Navegación de España, Calle Ribera del Loira 12, 28042 Madrid, Spain
Tel: 9021 00096.
Website: www.camaras.org

Spain Convention Bureau (FEMP)
Calle Nuncio 8, 28005 Madrid, Spain
Tel: 9136 4 3700.
Website: www.femp.es

Palacio de Congresos de Madrid
Paseo de la Castellana 99, 28046 Madrid, Spain
Tel: 9133 78100/01.
Website: www.madridconventioncentre.com

Ministerio de Industria, Turismo y Comercio
Paseo de la Castellana 162, 28046 Madrid, Spain
Tel: 9024 46006.
Website: www.comercio.es
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