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In June 2015 the IMF raised its growth forecast for the economy in Spain for the second time in three months and predicted 3.1% expansion the year, double the Eurozone average of 1.5%.
In the first half of 2015 exports were up 4.9% on 2014, to an all-time record high of US$134.40 million (125.12 million euros), 70% to other EU countries and 30% outside the EU.
At the end of 2014, business starts-ups in Spain were at a six-year high of 120,000.
And tourism, a fundamental building block of the Spanish economy, has recovered all the losses of the downturn and forged ahead to new record levels.
Tourism is an important factor in the property market—the great majority of foreign property owners in Spain start out as tourists.
Reviewed By Lief Simon
Lief Simon is the managing editor of Global Property Advisor, Simon Letter, and Offshore Living Letter. He has purchased more than 45 properties, investing in 23 different countries around the world.
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So how is tourism today, compared to pre-crash?
In 2013 Spain broke through the 60-million-visitor barrier and became the third-most-visited country in the world, behind France and the United States.
It maintained this ranking in 2014 with 65 million foreign visitors.
The total revenue from Spain’s travel and tourism sector in 2014 was US$214 billion, representing 15.2% of the GDP and accounting for 15.3% of national employment. Both these percentages are higher today than in the previous peak year of 2007.
Tourism from the United States to Spain rose 25% in summer 2015, no doubt helped by a stronger U.S. dollar.
In addition, 2024 was a record-breaking year for tourism in Spain. From January to May, Spain welcomed 33.2 million tourists.
Investing in Spain offers exciting opportunities, but understanding the country’s economic landscape and key institutions is essential. Knowing which organizations to turn to can save you time and help avoid costly mistakes. Below is a list of the most important government bodies and financial institutions that every expat investor should know when considering investing in Spain.
Helps foreign investors and businesses navigate the Spanish market.
Phone: +34 91 349 7100 Email: informacion@icex.es Location: Paseo de la Castellana, 261, 28046 MadridResponsible for fiscal policy, the digital economy, and economic development.
Phone: +34 91 258 28 52 Location: Paseo de la Castellana 162, 28071 Madrid, SpainIssues foreign investment declarations and approvals.
Phone: +34 91 258 28 52 Email: invext.inversiones@economia.gob.es Location: Paseo de la Castellana 162, 28071 Madrid, SpainThe central bank. Offers economic reports and governs financial institutions.
Phone: +34 91 338 5000 Location: Calle de Alcalá 48, 28014 Madrid, SpainSpain's equivalent to the SEC in the U.S.—regulates securities and stock market activity.
Phone: +34 91 585 1500 Location: Calle Edison 4, 28006 Madrid, SpainResponsible for tax collection and enforcement of tax laws in Spain.
Basic Tax Information Phone: +34 91 554 8770 Appointments Phone: +34 91 290 1340 Location: Calle de la Infanta Mercedes 37, 28020 Madrid, Spain Reviewed By Lief Simon
Lief Simon is the managing editor of Global Property Advisor, Simon Letter, and Offshore Living Letter. He has purchased more than 45 properties, investing in 23 different countries around the world.
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Spain’s economy is still growing, exceeding what was expected after the pandemic and becoming one of the most active economies in the eurozone.
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