Global GDP Growth: Overview
Real GDP is computed using prices from the base year adjusted for inflation. A measure of economic growth, real GDP changes demonstrate whether the economic activity has increased or decreased. The US, China, Japan, Germany, and India have the top five economies in the world in terms of real GDP. With a value of $12.7 trillion, China had the second-largest real GDP behind the US in 2021. Japan ranked third globally with a $6 trillion real GDP during the same period. The next two largest economies are Germany and India, with real GDPs of $3.8 trillion and $2.9 trillion, respectively.
Spain Exports: Overview
According to the IMF, the volume of exports of goods and services increased by 14.7% in 2021. The top three export commodities of Spain, namely vehicles, parts thereof; nuclear reactors, boilers and parts thereof; and mineral fuels, mineral oils, and parts thereof accounted for 26.1% of the overall goods exports in 2021. Vehicles other than railway or tramway rolling stock had the largest share (13.8%) in Spain’s total exports in value terms in 2021. Nuclear reactors, boilers, machinery and mechanical appliances had the second largest share in 2021, 6.4%. Mineral fuels and mineral oils had the third largest share (5.9%) in total exports of the country in 2021. Spain is the second largest manufacturer of automobiles in Europe and largest European manufacturer of industrial vehicles in 2021, according to UN Comtrade Database.
Germany, France, and Italy were its top three trading partners in Spain. They accounted for 29.5% of total trade (exports and imports) in 2021.
Spain Exports as a % of GDP
Exports as a % of GDP of Spain was 29.6% in 2021, while Spain’s exports as a % of GDP decreased by 2.8% year on year basis in 2021. Between 2010-2021, the exports as a % of GDP in Spain increased by 14.7%. The indicator was highest in the years 2017 and 2018 (35.4%), and lowest in the year 2010 (25.8%).
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