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Main articles: Mid-19th-century Spain, Spanish American wars of independence and Spanish–American War The Third of May 1808 by Francisco de Goya, episode of the Spanish Independence War. In 1793, Spain went to war against the revolutionary new French Republic as a member of the Coalition. The war polarised the country in a reaction against the gallicised elites. Defeated in the field, peace was made with France in 1795. In 1807, a secret treaty between Napoleon and the unpopular prime minister led to a declaration of war against Britain and Portugal. Napoleon's troops entered the country to invade Portugal but instead occupied Spain's major fortresses. The ridiculed Spanish king abdicated in favour of Napoleon's brother, Joseph Bonaparte. Joseph Bonaparte was seen as a puppet monarch and was regarded with scorn by the Spanish. The 2 May 1808 revolt was one of many nationalist uprisings across the country against the Bonapartist regime.[43] These revolts marked the beginning of a devastating war of independence against the Napoleonic regime.[44] Napoleon was forced to intervene personally, defeating several Spanish armies and forcing a British army to retreat. However, further military action by Spanish armies, guerrillas and Wellington's British-Portuguese forces, combined with Napoleon's disastrous invasion of Russia, led to the ousting of the French imperial armies from the Spain in 1814, and the return of King Ferdinand VII.[45] During the war, in 1810, a revolutionary body, the Cortes of Cádiz, was assembled to co-ordinate the effort against the Bonapartist regime and to prepare a constitution.[46] It met as one body, and its members represented the entire Spanish empire.[47] In 1812 a constitution for universal representation under a constitutional monarchy was declared but after the fall of the Bonapartist regime Ferdinand VII dismissed the Cortes Generales and was determined to rule as an absolute monarch. These events foreshadowed the conflict between conservatives and liberals in the 19th and early 20th centuries. The Proclamation of the Spanish Constitution of 1812 Anti-liberal forces known as Carlists fought against liberals in the Carlist Wars. Liberal forces won, but the conflict between progressive and conservative liberals ended in a weak early constitutional period. After the Glorious Revolution and the short First Spanish Republic, a more stable monarchic period came alongside with a bipartisanship between progressive and conservative liberals. The Napoleonic War left Spain economically ruined, deeply divided and politically unstable. In the chaos, Spain's American colonies declared independence, leading to wars of independence that ended Spanish control of its mainland colonies in the Americas. The Constitution of 1812 was considered too liberal by conservatives in the colonies and precipitated the decision of many to join the effort for independence. King Ferdinand VII's attempt to re-assert control proved futile as he faced opposition not only in the colonies but also in Spain and army revolts followed, led by liberal officers. By the end of 1826, the only American colonies Spain held were Cuba and Puerto Rico. Spanish general Juan Prim, Prime Minister of Spain, with his government after the Glorious Revolution, 1869. In the instability and economic crisis that afflicted Spain in the 19th century there arose nationalist movements in the Philippines and Cuba. Wars of independence ensued in those colonies and eventually the United States became involved. The war fought in the spring of 1898 did not last long. El Desastre (the Disaster), as the war became known in Spain, gave added impetus to the Generation of 98 who were conducting an analysis of the country. Although the period around the turn of the century was one of increasing prosperity, the 20th century brought little peace; Spain played a minor part in the scramble for Africa, with the colonisation of Western Sahara, Spanish Morocco and Equatorial Guinea. It remained neutral during World War I (see Spain in World War I). The heavy losses suffered during the Rif War in Morocco brought discredit to the government and undermined the monarchy. A period of authoritarian rule under General Miguel Primo de Rivera (1923–1931) ended with the establishment of the Second Spanish Republic. The Republic offered political autonomy to the Basque Country, Catalonia and Galicia and gave voting rights to women and was increasingly dominated by left wing radicals. In the worsening economic situation of the Great Depression, Spanish politics became increasingly radicalized and violent. Spanish Civil War and dictatorship Main articles: Spanish Civil War and Spain under Franco Guernica by Pablo Picasso, episode of a bombing during the Spanish Civil War. The Spanish Civil War broke out in 1936. For three years the Nationalist forces led by General Francisco Franco and supported by Nazi Germany and Fascist Italy fought the Republican side, which was supported by the Soviet Union, Mexico and International Brigades but it was not supported by the Western powers due to the British-led policy of Non-Intervention. In 1939, General Franco emerged victorious and became a dictator. The civil war was viciously fought and there were many atrocities committed by all sides. The war claimed the lives of over 500,000 people and caused the flight of up to a half-million citizens from the country.[48][49] Francisco Franco and former US President Eisenhower, Madrid, 1959 The state as established under Francisco Franco was nominally neutral in the Second World War, although sympathetic to the Axis. The only legal party under Franco's post civil war regime was the Falange Española Tradicionalista y de las JONS, formed in 1937; the party emphasised anti-Communism, Catholicism and nationalism. Given Franco's opposition to competing political parties, the party was renamed the National Movement (Movimiento Nacional) in 1949. After World War II Spain was politically and economically isolated, and was kept out of the United Nations. This changed in 1955, during the Cold War period, when it became strategically important for the U.S. to establish a military presence on the Iberian Peninsula as a counter to any possible move by the Soviet Union into the Mediterranean basin. In the 1960s, Spain registered an unprecedented rate of economic growth in what became known as the Spanish miracle, which resumed the much interrupted transition towards a modern economy. Democratic restoration Further information: Spanish society after the democratic transition Spain has been a member of the European Union since 1986 With Franco's death in November 1975, Juan Carlos succeeded to the position of King of Spain and head of state in accordance with the law. With the approval of the new Spanish Constitution of 1978 and the restoration of democracy, the State devolved much authority to the regions and created an internal organisation based on autonomous communities. In the Basque Country, moderate Basque nationalism has coexisted with a radical nationalist movement led by the armed organisation ETA. The group was formed in 1959 during Franco's rule but has continued to wage its violent campaign even after the restoration of democracy and the return of a large measure of regional autonomy. On 23 February 1981, rebel elements among the security forces seized the Cortes in an attempt to impose a military backed government. King Juan Carlos took personal command of the military and successfully ordered the coup plotters, via national television, to surrender. During the 1980s the democratic restoration made possible a growing open society. New cultural movements based on freedom appeared, like La Movida Madrileña. On 30 May 1982 Spain joined NATO, following a referendum. That year the Spanish Socialist Workers Party (PSOE) came to power, the first left-wing government in 43 years. In 1986 Spain joined the European Community, which later became the European Union. The PSOE was replaced in government by the Partido Popular (PP) after the latter won the 1996 General Elections; at that point the PSOE had served almost 14 consecutive years in office. On 1 January 2002, Spain ceased to use the peseta as currency replacing it with the euro, which it shares with 16 other countries in the Eurozone. Europride 2007, Madrid. Spain has also seen strong economic growth, well above the EU average; however, well publicised concerns issued by many economic commentators at the height of the boom that the extraordinary property prices and high foreign trade deficits of the boom were likely to lead to a painful economic collapse were confirmed by a severe property-led recession that struck the country in 2008/9.[50] A series of bombs exploded in commuter trains in Madrid, Spain on 11 March 2004. After a five-month trial in 2007 it was concluded the bombings were perpetrated by a local Islamist militant group inspired by al-Qaeda.[51] The bombings killed 191 people and wounded more than 1800, and the intention of the perpetrators may have been to influence the outcome of the Spanish general election, held three days later.[52] Though initial suspicions focused on the Basque group ETA, evidence soon emerged indicating possible Islamist involvement. Because of the proximity of the election, the issue of responsibility quickly became a political controversy, with the main competing parties PP and PSOE exchanging accusations over the handling of the aftermath.[53] At 14 March elections, PSOE, led by José Luis Rodríguez Zapatero, obtained a plurality, enough to form a new cabinet with Rodríguez Zapatero as the new Presidente del Gobierno or Prime Minister of Spain, thus succeeding the former PP administration.[54] At the time, Spain had become one of the most secular societies in Europe, being one of the first in the world to allow same sex marriage. The bursting of the Spanish property bubble in 2008 led to the 2008–2013 Spanish financial crisis. On 19 June 2014, Juan Carlos abdicated in favour of his son, who became Felipe VI. Geography Main article: Geography of Spain San Sebastián with the Santa Clara Island in Gipuzkoa. At 505,992 km2 (195,365 sq mi), Spain is the world's 52nd-largest country. It is some 47,000 km2 (18,000 sq mi) smaller than France and 81,000 km2 (31,000 sq mi) larger than the U.S. state of California. Mount Teide (Tenerife) is the highest mountain peak in Spain and is the third largest volcano in the world from its base. Spain lies between latitudes 26° and 44° N, and longitudes 19° W and 5° E. On the west, Spain borders Portugal; on the south, it borders Gibraltar (a British overseas territory) and Morocco, through its exclaves in North Africa (Ceuta, Melilla, and Peñón de Vélez de la Gomera). On the northeast, along the Pyrenees mountain range, it borders France and the tiny Principality of Andorra. Along the Pyrenees in Girona, a small exclave town called Llívia is surrounded by France. Islands Spain also includes the Balearic Islands in the Mediterranean Sea, the Canary Islands in the Atlantic Ocean and a number of uninhabited islands on the Mediterranean side of the Strait of Gibraltar, known as plazas de soberanía (territories under Spanish sovereignty), such as the Chafarinas Islands, Alhucemas, and the tiny Perejil islet. The isle of Alborán, located in the Mediterranean between Spain and North Africa, is also administered by Spain, specifically by the municipality of Almería, Andalusia. The little Pheasant Island in the River Bidasoa is a Spanish-French condominium. Island Population Tenerife 899,833 Majorca (Mallorca) 862,397 Gran Canaria 838,397 Lanzarote 141,938 Ibiza 125,053 Fuerteventura 103,107 Minorca (Menorca) 92,434 La Palma 85,933 La Gomera 22,259 El Hierro 10,558 Formentera 7,957 Arousa 4,889 La Graciosa 658 Tabarca 105 Ons 61 Sant Maurici National Park in the Pyrenees. Mountains and rivers Mainland Spain is a mountainous country, dominated by high plateaus and mountain chains. After the Pyrenees, the main mountain ranges are the Cordillera Cantábrica, Sistema Ibérico, Sistema Central, Montes de Toledo, Sierra Morena and the Sistema Penibético whose highest peak, the 3,478 m high Mulhacén, located in Sierra Nevada, is the highest elevation in the Iberian Peninsula. The highest point in Spain is the Teide, a 3,718-metre (12,198 ft) active volcano in the Canary Islands. The Meseta Central is a vast plateau in the heart of peninsular Spain. Turia River sources in Montes Universales. There are several major rivers in Spain such as the Tajo (Tagus), the Ebro, the Duero (Douro), the Guadiana and the Guadalquivir. Alluvial plains are found along the coast, the largest of which is that of the Guadalquivir in Andalusia. Climate Main article: Climate of Spain Three main climatic zones can be separated, according to geographical situation and orographic conditions:[55][56][57] The Mediterranean climate, characterized by warm and dry summers. It is dominant in the peninsula, with two varieties: Csa and Csb according to the Köppen climate classification. The Csb Zone, with a more extreme climate, hotter in summer and colder in winter, extends to additional areas not typically associated with a Mediterranean climate, such as much of central and northern-central of Spain (e.g. Valladolid, Burgos, León). The semiarid climate (Bsh, Bsk), located in the southeastern quarter of the country, especially in the region of Murcia and in the Ebro valley. In contrast with the Mediterranean climate, the dry season extends beyond the summer. The oceanic climate (Cfb), located in the northern quarter of the country, especially in the region of Basque Country, Cantabria, Asturias and partly Galicia. In contrary to the Mediterranean climate, winter and summer temperatures are influenced by the ocean, and have no seasonal drought. Apart from these main types, other sub-types can be found, like the alpine climate in the Pyrenees and Sierra Nevada, and a typical subtropical climate in the Canary Islands. Governance Main articles: Politics of Spain and Spanish Constitution of 1978 The Royal Palace and Santa María la Real de La Almudena Terrace Of The Kings Of Spain in Jerusalem The Spanish Constitution of 1978 is the culmination of the Spanish transition to democracy. The constitutional history of Spain dates back to the constitution of 1812. Impatient with the slow pace of democratic political reforms in 1976 and 1977, Spain's new King Juan Carlos, known for his formidable personality, dismissed Carlos Arias Navarro and appointed the reformer Adolfo Suárez as Prime Minister.[58][59] The resulting general election in 1977 convened the Constituent Cortes (the Spanish Parliament, in its capacity as a constitutional assembly) for the purpose of drafting and approving the constitution of 1978.[60] After a national referendum on 6 December 1978, 88% of voters approved of the new constitution. As a result, Spain is now composed of 17 autonomous communities and two autonomous cities with varying degrees of autonomy thanks to its Constitution, which nevertheless explicitly states the indivisible unity of the Spanish nation. The constitution also specifies that Spain has no state religion and that all are free to practice and believe as they wish. As of November 2009, the government of Spain keeps a balanced gender equality ratio. Nine out of the 18 members of the government are women. Under the administration of José Luis Rodríguez Zapatero, Spain has been described as being "at the vanguard" in gender equality issues and also that "[n]o other modern, democratic, administration outside Scandinavia has taken more steps to place gender issues at the centre of government".[61] The Spanish administration has also promoted gender-based positive discrimination by approving gender equality legislation in 2007 aimed at providing equality between genders in Spanish political and economic life (Gender Equality Act).[62][63] However, in the legislative branch, as of July 2010 only 128 of the 350 members of the Congress are women (36.3%).[64] It places Spain 13th on a list of countries ranked by proportion of women in the lower house. In the Senate, the ratio is even lower, since there are only 79 women out of 263 (30.0%).[65] The Gender Empowerment Measure of Spain in the United Nations Human Development Report is 0.794, 12th in the world.[66] Branches of government Spain is a constitutional monarchy, with a hereditary monarch and a bicameral parliament, the Cortes Generales (General Courts). The executive branch consists of a Council of Ministers of Spain presided over by the Prime Minister, nominated and appointed by the monarch and confirmed by the Congress of Deputies following legislative elections. By political custom established by King Juan Carlos since the ratification of the 1978 Constitution, the king's nominees have all been from parties who maintain a plurality of seats in the Congress. Mariano Rajoy, prime minister. The legislative branch is made up of the Congress of Deputies (Congreso de los Diputados) with 350 members, elected by popular vote on block lists by proportional representation to serve four-year terms, and a Senate (Senado) with 259 seats of which 208 are directly elected by popular vote and the other 51 appointed by the regional legislatures to also serve four-year terms. Head of State King Felipe VI, since 19 June 2014 Head of Government Prime Minister of Spain (Presidente del Gobierno, literally President of the Government): Mariano Rajoy Brey, elected 20 November 2011. Deputy Prime Minister and Minister for the Presidency: Soraya Sáenz de Santamaría. Cabinet Council of Ministers (Consejo de Ministros) designated by the Prime Minister. Spain is organizationally structured as a so-called Estado de las Autonomías ("State of Autonomies"); it is one of the most decentralized countries in Europe, along with Switzerland, Germany and Belgium;[67] for example, all Autonomous Communities have their own elected parliaments, governments, public administrations, budgets, and resources. Health and education systems among others are managed regionally, and in addition, the Basque Country and Navarre also manage their own public finances based on foral provisions. In Catalonia and the Basque Country, a full fledged autonomous police corps replaces some of the State police functions (see Mossos d'Esquadra, Ertzaintza, Policía Foral and Policía Canaria). See also: List of Spanish monarchs and Monarchs of Spain family tree Administrative divisions Main article: Political divisions of Spain The Spanish State is integrated by 17 autonomous communities and 2 autonomous cities, both groups being the highest or first-order administrative division in the country. Autonomous communities are integrated by provinces, of which there are 50 in total, and in turn, provinces are integrated by municipalities. In Catalonia, two additional divisions exist, the comarques (sing. comarca) and the vegueries (sing. vegueria) both of which have administrative powers; comarques being aggregations of municipalities, and the vegueries being aggregations of comarques. The concept of a comarca exists in all autonomous communities, however, unlike Catalonia, these are merely historical or geographical subdivisions. Autonomous communities and autonomous cities Main article: Autonomous communities of Spain See also: Nationalities and regions of Spain Galicia Navarre Madrid La Rioja Aragon Catalonia Valencia Castile– La Mancha Extremadura Portugal Castile and León Asturias Cantabria Basque Country Murcia Andalusia Ceuta Melilla France Balearic Islands Canary Islands Mediterranean Sea Bay of Biscay Atlantic Ocean Andorra Atlantic Ocean Flag of the Balearic Islands.svg Flag of Andalucía.svg Flag of Castile and León.svg Flag of the Valencian Community (2x3).svg Bandera Castilla-La Mancha.svg Flag of Aragon.svg Flag of the Community of Madrid.svg Flag of La Rioja (with coat of arms).svg Flag Melilla.svg Gibraltar (UK) Flag Ceuta.svg Flag of Catalonia.svg Flag of Cantabria.svg Flag of the Basque Country.svg Flag of Galicia.svg Flag of Extremadura with COA.svg Bandera de Navarra.svg Flag of Asturias.svg Flag of the Canary Islands.svg Flag of the Region of Murcia.svg Autonomous communities are the first level administrative division in the country. These were created after the 1979 and current constitution came into effect in recognition of the right to self-government to the "nationalities and regions of Spain".[68] Autonomous communities were to be integrated by adjacent provinces with common historical, cultural, and economical traits. This territorial organization, based on devolution, is known in Spain as the "State of Autonomies". The basic institutional law of each autonomous community is the Statute of Autonomy. The Statutes of Autonomy establish the name of the community according to its historical identity, the limits of their territories, the name and organization of the institutions of government and the rights they enjoy according the constitution.[69] The government of all autonomous communities must be based on a division of powers comprising: a Legislative Assembly whose members must be elected by universal suffrage according to the system of proportional representation and in which all areas that integrate the territory are fairly represented; a Government Council, with executive and administrative functions headed by a president, elected by the Legislative Assembly and nominated by the King of Spain; a Supreme Court of Justice, under the Supreme Court of the State, which head the judicial organization within the autonomous community. Catalonia, Galicia and the Basque Country, which identified themselves as "nationalities" were granted self-government through a rapid process. Andalusia also took that denomination in its first Statute of Autonomy, even though it followed the longer process stipulated in the constitution for the rest of the country. Progressively, other communities in revisions to their Statutes of Autonomy have also taken that denomination in accordance to their historical regional identity, such as the Valencian Community,[70] the Canary Islands,[71] the Balearic Islands,[72] and Aragon.[73] The autonomous communities have wide legislative and executive autonomy, with their own parliaments and regional governments. The distribution of powers may be different for every community, as laid out in their Statutes of Autonomy, since devolution was intended to be asymmetrical. Only two communities—the Basque Country and Navarre—have full fiscal autonomy. Aside of fiscal autonomy, the "historical" nationalities—Andalusia, the Basque Country, Catalonia, and Galicia—were devolved more powers than the rest of the communities, among them the ability of the regional president to dissolve the parliament and call for elections at any time. In addition, the Basque Country, Catalonia and Navarre have police corps of their own: Ertzaintza, Mossos d'Esquadra and the Policía Foral respectively. Other communities have more limited forces or none at all, like the Policía Autónoma Andaluza[74] in Andalusia or the BESCAM in Madrid. Nonetheless, recent amendments to existing Statutes of Autonomy or the promulgation of new Statutes altogether, have reduced the asymmetry between the powers originally granted to the "historical nationalities" and the rest of the regions. Finally, along with the 17 autonomous communities, two autonomous cities are also part of the State of Autonomies and are first-order territorial divisions: Ceuta and Melilla. These are two exclaves located in the northern African coast. Provinces and municipalities Main articles: Provinces of Spain and Municipalities of Spain Autonomous communities are subdivided into provinces, which served as their territorial building blocks. In turn, provinces are integrated by municipalities. The existence of both the provinces and the municipalities is guaranteed and protected by the constitution, not necessarily by the Statutes of Autonomy themselves. Municipalities are granted autonomy to manage their internal affairs, and provinces are the territorial divisions designed to carry out the activities of the State.[75] The current provincial division structure is based—with minor changes—on the 1833 territorial division by Javier de Burgos, and in all, the Spanish territory is divided into 50 provinces. The communities of Asturias, Cantabria, La Rioja, the Balearic Islands, Madrid, Murcia and Navarre are the only communities that are integrated by a single province, which is coextensive with the community itself. In this cases, the administrative institutions of the province are replaced by the governmental institutions of the community. Foreign relations Main article: Foreign relations of Spain The Ibero-American Summit, in San Salvador, 2008 After the return of democracy following the death of Franco in 1975, Spain's foreign policy priorities were to break out of the diplomatic isolation of the Franco years and expand diplomatic relations, enter the European Community, and define security relations with the West. As a member of NATO since 1982, Spain has established itself as a participant in multilateral international security activities. Spain's EU membership represents an important part of its foreign policy. Even on many international issues beyond western Europe, Spain prefers to coordinate its efforts with its EU partners through the European political cooperation mechanisms. Spain has maintained its special relation with Hispanic America and the Philippines. Its policy emphasizes the concept of an Iberoamerican community, essentially the renewal of the historically liberal concept of "Hispanidad" or "Hispanismo", as it is often referred to in English, which has sought to link the Iberian Peninsula with Hispanic America through language, commerce, history and culture. Territorial disputes Spain claims Gibraltar, a 6-square-kilometre (2.3 sq mi) Overseas Territory of the United Kingdom in the southernmost part of the Iberian Peninsula. Then a Spanish town, it was conquered by an Anglo-Dutch force in 1704 during the War of the Spanish Succession on behalf of Archduke Charles, pretender to the Spanish throne. The legal situation concerning Gibraltar was settled in 1713 by the Treaty of Utrecht, in which Spain ceded the territory in perpetuity to the British Crown[76] stating that, should the British abandon this post, it would be offered to Spain first. Since the 1940s Spain has called for the return of Gibraltar. The overwhelming majority of Gibraltarians strongly oppose this, along with any proposal of shared sovereignty.[77] UN resolutions call on the United Kingdom and Spain, both EU members, to reach an agreement over the status of Gibraltar.[78][79] The Spanish claim makes a distinction between the isthmus that connects the Rock to the Spanish mainland on the one hand, and the Rock and city of Gibraltar on the other. While the Rock and city were ceded by the Treaty of Utrecht, Spain asserts that the "occupation of the isthmus is illegal and against the principles of International Law".[80] The United Kingdom relies on de facto arguments of possession by prescription in relation to the isthmus,[81] as there has been "continuous possession [of the isthmus] over a long period".[82] Another claim by Spain is about the Savage Islands, a claim not recognized by Portugal. Spain claims they are rocks and not islands therefore claiming there is no Portuguese territorial waters around the disputed islands, on 5 July 2013 Spain sent a letter to the UN expressing these views.[83][84] Spain claims the sovereignty over the Perejil Island, a small, uninhabited rocky islet located in the South shore of the Strait of Gibraltar. The island lies 250 metres (820 ft) just off the coast of Morocco, 8 kilometres (5.0 mi) from Ceuta and 13.5 kilometres (8.4 mi) from mainland Spain. Its sovereignty is disputed between Spain and Morocco. It was the subject of an armed incident between the two countries in 2002. The incident ended when both countries agreed to return to the status quo ante which existed prior to the Moroccan occupation of the island. The islet is now deserted and without any sign of sovereignty. Besides the Perejil Island, the Spanish-held territories claimed by other countries are two: Morocco claims the Spanish cities of Ceuta and Melilla and the plazas de soberanía islets off the northern coast of Africa; and Portugal does not recognise Spain's sovereignty over the territory of Olivenza. Military Main article: Spanish Armed Forces Examples of Spain's military: aircraft carrier/assault ship Juan Carlos I (L61), multirole fighter Eurofighter Typhoon, Boeing CH-47 Chinook, universal tank Leopard 2 The armed forces of Spain are known as the Spanish Armed Forces (Fuerzas Armadas Españolas). Their Commander-in-chief is the King of Spain, Juan Carlos I.[85] The Spanish Armed Forces are divided into three branches:[86] Army (Ejército de Tierra) Navy (Armada) Air Force (Ejército del Aire) Economy Main article: Economy of Spain Recent background Torre Agbar, Barcelona Spain's capitalist mixed economy is the 14th largest worldwide and the 5th largest in the European Union, as well as the Eurozone's 4th largest. The centre-right government of former prime minister José María Aznar worked successfully to gain admission to the group of countries launching the euro in 1999. Unemployment stood at 7.6% in October 2006, a rate that compared favorably to many other European countries, and especially with the early 1990s when it stood at over 20%. Perennial weak points of Spain's economy include high inflation,[87] a large underground economy,[88] and an education system which OECD reports place among the poorest for developed countries, together with the United States and UK.[89] By the mid-1990s the economy had recommmenced the growth that had been disrupted by the global recession of the early 1990s. The strong economic growth helped the government to reduce the government debt as a percentage of GDP and Spain's high unemployment began to drop steadily. With the government budget in balance and inflation under control Spain was admitted into the Eurozone in 1999. Since the 1990s some Spanish companies have gained multinational status, often expanding their activities in culturally close Latin America. Spain is the second biggest foreign investor there, after the United States. Spanish companies have also expanded into Asia, especially China and India.[90] This early global expansion is a competitive advantage over its competitors and European neighbors. The reason for this early expansion is the booming interest toward Spanish language and culture in Asia and Africa and a corporate culture that learned to take risks in unstable markets. Spanish companies invested in fields like renewable energy commercialisation (Iberdrola was the world's largest renewable energy operator[91]), technology companies like Telefónica, Abengoa, Mondragon Corporation, Movistar, Hisdesat, Indra, train manufacturers like CAF, Talgo, global corporations such as the textile company Inditex, petroleum companies like Repsol and infrastructure, with six of the ten biggest international construction firms specialising in transport being Spanish, like Ferrovial, Acciona, ACS, OHL and FCC.[92] Property boom and bust Main article: Spanish property bubble Cuatro Torres Business Area in Madrid The adoption of the Euro saw a marked reduction in interest rates to historic lows. The growth in the Spanish property market, which had begun in 1997, accelerated and within a few years had developed into a property bubble, financed largely by the cajas (regional savings banks under the oversight of the regional governments) and fed by the historically low interest rates and a massive growth of immigration. The Spanish economy was credited for having avoided the virtual zero growth rate of some of its largest partners in the EU.[93] Spain's economy created more than half of all the new jobs in the European Union over the five years ending 2005.[94][95] The bubble imploded in 2008, causing the collapse of Spain's large property related and construction sectors, causing mass layoffs, and a collapsing domestic demand for goods and services. By the end of May 2009, unemployment reached 18.7% (37% for youths).[96][97][98] At first, Spain's banks and financial services avoided the early crisis of their counterparts in the US and UK. This was particularly the case with Spain's international banks, Banco Santander and BBVA, that had diversified, international portfolios and had actively limited their exposure to housing mortgage risk. Banco Santander was able to profit from the global financial crisis by taking over distressed British banking firms.[99] However, as the recession deepened and property prices slid, the growing bad debts of the smaller regional savings banks, the cajas, forced the intervention of Spain's central bank and government through a stabilisation and consolidation program, taking over or consolidating regional cajas and finally receiving a bank bailout from the European Central Bank in 2012.[100][101][102] Quality of life Research about quality of life by the Economist Intelligence Unit's quality of life survey placed Spain among the top 10 in the world for 2005, ahead of other economically advanced countries like France, Germany, the United Kingdom and South Korea.[103] Agriculture Main article: Agriculture in Spain A vineyard of Rioja wine, La Rioja Crop areas were farmed in two highly diverse manners. Areas relying on nonirrigated cultivation (secano), which made up 85% of the entire crop area, depended solely on rainfall as a source of water. They included the humid regions of the north and the northwest, as well as vast arid zones that had not been irrigated. The much more productive regions devoted to irrigated cultivation (regadio) accounted for 3 million hectares in 1986, and the government hoped that this area would eventually double, as it already had doubled since 1950. Particularly noteworthy was the development in Almeria — one of the most arid and desolate provinces of Spain — of winter crops of various fruits and vegetables for export to Europe. Though only about 17% of Spain's cultivated land was irrigated, it was estimated to be the source of between 40-45% of the gross value of crop production and of 50% of the value of agricultural exports. More than half of the irrigated area was planted in corn, fruit trees, and vegetables. Other agricultural products that benefited from irrigation included grapes, cotton, sugar beets, potatoes, legumes, olive trees, mangos, strawberries, tomatoes, and fodder grasses. Depending on the nature of the crop, it was possible to harvest two successive crops in the same year on about 10% of the country's irrigated land. Citrus fruits, vegetables, cereal grains, olive oil, and wine — Spain's traditional agricultural products — continued to be important in the 1980s. In 1983 they represented 12%, 12%, 8%, 6%, and 4%, respectively, of the country's agricultural production. Because of the changed diet of an increasingly affluent population, there was a notable increase in the consumption of livestock, poultry, and dairy products. Meat production for domestic consumption became the single most important agricultural activity, accounting for 30% of all farm-related production in 1983. Increased attention to livestock was the reason that Spain became a net importer of grains. Ideal growing conditions, combined with proximity to important north European markets, made citrus fruits Spain's leading export. Fresh vegetables and fruits produced through intensive irrigation farming also became important export commodities, as did sunflower seed oil that was produced to compete with the more expensive olive oils in oversupply throughout the Mediterranean countries of the EC. Tourism Benidorm, one of Europe's largest coastal tourist destinations Main article: Tourism in Spain The climate of Spain, its geographic location, popular coastlines, diverse landscapes, historical legacy, vibrant culture and excellent infrastructure, has made Spain's international tourist industry among the largest in the world. In the last five decades, international tourism in Spain has grown to become the second largest in the world in terms of spending, worth approximately 40 billion Euros or about 5% of GDP in 2006.[104][105] |
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