agricultural country, national budget, gross domestic product, Western Europe, shipbuilding
Spain has traditionally been an agricultural country and is still one of the largest producers of farm commodities in Western Europe, but since the mid-1950s industrial growth has been rapid. A series of development plans, initiated in 1964, helped the economy to expand, but in the later 1970s an economic slowdown was brought on by rising oil costs and increased imports. Subsequently, the government emphasized the development of the steel, shipbuilding, textile, and mining industries. Spain derives much income from tourism. The gross domestic product in 2000 was $558.6 billion. The national budget in 1997 included revenues of $160.8 billion and expenditures of $183.8 billion. On January 1, 1986, Spain became a full member of the European Community (now the European Union, or EU).
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