section_path: Economy
section_name: Economy
paragraph_text: Economy
  
  Spain's capitalist mixed economy is the 15th largest worldwide and the 4th 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 11.27% in July 2024. The youth unemployment rate (26.5% in April 2024) is extremely high compared to EU standards. Perennial weak points of Spain's economy include a large informal economy, and an education system which OECD reports place among the poorest for developed countries, along with the United States.
  
  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. Spanish companies invested in fields like renewable energy commercialisation (Iberdrola was the world's largest renewable energy operator), technology companies like Telefónica, Abengoa, Mondragon Corporation (which is the world's largest worker-owned cooperative), Movistar, Hisdesat, Indra, train manufacturers like CAF, Talgo, global corporations such as the textile company Inditex, petroleum companies like Repsol or Cepsa and infrastructure, with six of the ten biggest international construction firms specialising in transport being Spanish, like Ferrovial, Acciona, ACS, OHL and FCC.
  
  The automotive industry in Spain is one of the largest employers in the country. In 2023, Spain produced 2.45 million cars which makes it the 8th largest automobile producer country in the world and the 2nd largest car manufacturer in Europe after Germany, a position in the ranking that it was still keeping in 2024. In total, 89% of the vehicles and 60% of the auto-parts manufactured in Spain were exported worldwide in 2023. A total of 2,201,802 made in Spain vehicles were exported in 2023. In 2023, the Spanish automotive industry generated 10% of Spain's gross domestic product and accounted for 18% of total Spanish exports (including vehicles and auto-parts). External trade surplus of vehicles reached €18.8bn in 2023. The industry generates 9% of total employment, nearly 2 million jobs are linked to this industry.