0191
consulate(s) general:
Boston, Chicago, Houston, Los Angeles, Miami, New Orleans, New York,
San Francisco, and San Juan (Puerto Rico)
US diplomatic representation:
chief of mission:
Ambassador Richard N. GARDNER
embassy:
Serrano 75, 28006 Madrid
mailing address:
APO AE 09642
telephone:
[34] (1) 577-4000
FAX:
[34] (1) 577-5735
consulate(s) general:
Barcelona
consulate(s):
Bilbao
Flag:
three horizontal bands of red (top), yellow (double width), and red
with the national coat of arms on the hoist side of the yellow band;
the coat of arms includes the royal seal framed by the Pillars of
Hercules, which are the two promontories (Gibraltar and Ceuta) on
either side of the eastern end of the Strait of Gibraltar

@Spain, Economy

Overview:
After the economic boom of 1986-90, the Spanish economy fell into
recession along with the economies of other EU member states. Real GDP
barely grew in 1992 and declined by approximately 1% in 1993.
Unemployment, now nearly one-fourth of the workforce, and the sharp
downturn in business investment have contributed to sagging domestic
demand. Devaluation of the peseta since September 1992 has made
Spanish exports more competitive, but an export-led recovery in 1994
will depend largely on economic recovery in Spain's major market - the
other EU nations. A solid recovery will also require appropriate
domestic policy actions, including controlling the budget deficit and
wage increases, reforming labor market regulations, and possibly
loosening monetary policy another notch. Foreign investors,
principally from other EU countries, have invested over $60 billion in
Spain since 1986. Despite the recession, inflation remained at about
5% in 1993. The main source of inflationary pressure is the fiscal
deficit.
National product:
GDP - purchasing power equivalent - $498 billion (1993)
National product real growth rate:
-1% (1993)
National product per capita:
$12,700 (1993)
Inflation rate (consumer prices):
4.5% (1993 est.)
Unemployment rate:
22% (yearend 1993)
Budget:
revenues:
$97.7 billion
expenditures:
$128 billion, including capital expenditures of $NA (1993 est.)
Exports:
$72.8 billion (f.o.b., 1993)
commodities:
cars and trucks, semifinished manufactured goods, foodstuffs,
machinery
partners:
EC 71.2%, US 4.8%, other developed countries 7.9% (1992)
Imports:
$92.5 billion (c.i.f.,