![]() exports of goods and services to Spain were USD 21.9 billion, up 20.6 percent from 2020. Spain traditionally represents a significant export market for the United States. The IMF forecasts that Spain’s recovery rate in 2022 is estimated to grow 4.8 percent, and then taper off to a recovery of 3.3 percent in 2023. ![]() The Spanish economy increased 5.1 percent in 2021 (after a decline of almost 11 percent in 2020). With a GDP of USD 1.4 trillion and a population of 47.3 million people, Spain is the fourth-largest economy in the Eurozone. Nevertheless, the United States continues to enjoy close bilateral relations with Spain, and Spanish importers are receptive to trade opportunities from U.S. While the effects of the COVID-19 pandemic are still being felt in 2022, additional constraints such as those brought on by the launch of the war in Ukraine by Russian forces early in the year, the ongoing global supply chain disruption, and unusually high inflation rates, mostly due to rising energy rates, are compounding uncertainty in the marketplace which, in turn, is affecting Spain’s economy and traditional trade patterns. Economic Development Organizations (EDO)Ģ021 proved to be challenging in Spain due to many external factors.Foreign Direct Investment Attraction Events.Facing a Foreign Trade AD/CVD or Safeguard Investigation?.
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