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Business Profile
Economy: Spain is a major industrialised European economy. Until 1975, under the Franco regime, the Spanish economy developed almost in isolation, protected from foreign competition by tight import controls and high tariffs, and gradually evolved from an essentially agrarian economy to an industrial one. Spain joined the (then) European Community in 1986. The transition, which was expected to be very difficult, passed off surprisingly well, and the Spanish economy now ranks eighth in the world by output. Despite the decline of many of its traditional industries, such as shipbuilding, steel and textiles – all of which were badly hit during the world recession – Spain achieved the highest average growth rate in the Community during the 1980s and a steady performance throughout the 1990s.
More recently, in common with most of its EU partners, the Spanish economy has slowed somewhat. As of November 2001, annual GDP growth was two per cent and inflation 2.8 per cent. Unemployment – a legacy of structural weaknesses in the Spanish economy which has not been fully tackled – remains stubbornly high at 13 per cent of the workforce. Other economic indicators, such as interest rates and budget deficit, are within the limits which allowed Spain to join the European Monetary Union at the start of 1999.
The agricultural sector produces cereals, vegetables, citrus fruit, olive oil and wine. The processed foods industry has also expanded rapidly. The fishing fleet, although reduced from its peak of a few decades ago, remains one of the world’s largest, although its approach to international fishing grounds has led Spain into a number of disputes both within and outside the EU. The relative importance of the agriculture and fisheries sectors has declined over the last decade and now accounts for less than four per cent of GDP. Energy requirements are met by indigenous coal and natural gas, imported oil (mostly from north Africa) and a sizeable nuclear power programme. In the manufacturing sector, the decline of older industries has been offset by rapid expansion in chemicals, electronics, information technology and industrial design. Spain has also become an important producer of motor vehicles: this industry alone accounts for five per cent of GDP and 80 percent of output is exported. In the service sector, tourism is a major contributor. The EU countries, the USA and Japan are the country’s main trading partners.
Business: Business people are generally expected to dress smartly. Although English is widely spoken, an interest in Spanish and an effort on the part of the visitor to speak even a few words will be appreciated. Business cards are exchanged frequently as a matter of courtesy and appointments should be made. Punctuality is important. Office hours: Tend to vary considerably. Business people are advised to check before making calls.
Commercial Information: The following organisations can offer advice: Consejo Superior de Cámaras Oficiales de Comercio, Industria y Navegación de España, Calle Velázquez 157, 1°, 28002 Madrid (tel: (91) 590 6900; fax: (91) 590 6908; e-mail: csc@cscamaras.es; website: www.camaras.org); or Instituo Español de Comercio Exterior (ICEX), 66 Chiltern Street, London W1U 4LS, UK (tel: (020) 7467 2330; fax: (020) 7487 5586; e-mail: buzon.oficial@londres.ofcomes.mcx.es; website: www.mcx.es/londres).
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 4200 in Palma de Mallorca; Madrid can seat up to 2650 persons. Further details can be obtained from the Spain Convention Bureau, Calle del Nuncio 8, 28005 Madrid (tel: (91) 364 3700; fax: (91) 365 5482; website: www.femp.es/scb); or Oficina de Congresos de Madrid, C Mayor 69, 28013 Madrid (tel: (91) 588 2900; fax: (91) 588 2930; e-mail: congresos@munimadrid.es; website: www.munimadrid.es/congresos); or from the Spanish Tourist Office (see Contact Addresses section).
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