Spain is a country in South West Europe with a number of overseas territories and islands, including the Balearic Islands and the Canary Islands. The country occupies most of the Iberian peninsula down to the Strait of Gibraltar, which separates Spain from Africa. Castilian Spanish is the country’s official language, but Catalan, Galician and Basque are also official languages within their respective regions.
While Spain is officially a unitary state with a constitutional monarchy, a lot of power is devolved to the 17 autonomous regions (provinces) and tensions between the central government and the regions are common. The country has strong cultural ties with its former colonies in Latin America and it remains the second largest investor in the region after the US.
Spain’s economy is heavily reliant on its services industry, which employs the majority of the Spanish workforce. High value areas include professional services, finance and insurance (huge players include Santander, MAPFRE and CaixaBank), and telecommunications (such as Telefónica, one of the largest mobile network providers in the world). These industries are continuing to grow, even surpassing revenue from tourism, one of the mainstays of the Spanish economy for half a century, of the in 2024.
Industry is also a larg component (20%), with key areas that include the manufacturing of textiles, naval equipment, industrial food processing, and iron and steel production. Spain has one of the fastest-growing e-commerce markets in the EU, and this is expected to continue growing into the next decade.