Industry in Spain has developed in diverse sectors, including textile, food-processing, machinery, and iron and steel. However, the key contributors to Spain’s economy are:
In 2009, Spain’s automotive industry contributed about 3.5% of the nation’s GDP, employing 9% of the total labor force. Spain is among the top ten car manufacturing countries in the world. However, the industry’s production saw a significant downward spiral in 2008 and 2009, particularly as a result of unfavorable government policies. As a result, the ownership of several Spanish car brands has been passed to foreign companies. Currently, the major domestic player in Spain’s automotive industry is SEAT, a subsidiary of the Volkswagen Group.
Spain has the second largest tourism industry in the world, which is also the nation’s main source of income, contributing nearly 11% to Spain’s GDP and employing about 2 million of the total labor force. Additionally, Spain’s tourism industry is instrumental in stimulating Spanish exports. According to Eurostat, Spain dominated Europe’s tourism industry between 2000 and 2006, earning approximately 25% of the total revenues. Spain’s tourism industry, however, began to plateau in 2008 as a result of several factors, including the global economic meltdown and access to cheaper destinations in Europe.