Overview of the Kingdom of Spain

The Kingdom of Spain is located on the Iberian Peninsula in southwestern Europe, with an area of approximately 506000 square kilometers, making it the second largest country in the European Union (after France). The population is approximately 48.59 million people (as of January 2024), with the main ethnic group being Castilian (i.e. Spanish), and the official language being Castilian (i.e. Spanish). Other minority languages such as Catalan, Galician, Valencian, and Basque are also official languages in their respective autonomous regions.

The capital of Spain is Madrid, with a population of approximately 3.33 million. Spain's economy ranks fifth in the eurozone and 14th globally in terms of GDP in 2022, making it the fifth largest economy in Europe. Spain is a traditional industrial powerhouse and will remain the world's second-largest automobile producer after Germany in 2022. Spain has rich cultural heritage and is one of the countries with the most World Heritage sites. It has been competing with France for the title of the world's top tourist destination, ranking either first or second.

The Spanish economy is a moderately developed industrial country, with a total economic output ranking fifth in the European Union. Spain's economy has performed strongly, with GDP growth of 0.9% and 0.8% in the first half of 2024, with an annual growth rate of 3.1%. Although there is still a certain gap compared to other developed countries, Spain's total economic size is close to $1.6 trillion, and its total foreign trade exceeds $820 billion.

The main driving forces of the Spanish economy include household consumption and industry. In the first half of 2024, household consumption and industry are the main factors driving economic growth. The service industry, especially the hotel and restaurant industry, grew by 2.6% in the second quarter. In addition, the manufacturing industry, especially after the decline in energy prices, has also performed well.

The Spanish economy is facing some challenges, including the challenge of climate change. In recent years, seasonal industries such as skiing have faced crises due to increasingly unpredictable climate, resulting in economic losses. In addition, Spain experienced a 'lost decade' after the 2008 financial crisis, with household wealth still not fully recovered.