Spain has the 5th largest economy in the EU and the 14th largest in the world. Spain is plagued by high youth unemployment rates of up to 35% in 2018, which is quite high as compared to other countries in the EU. The biggest issue with its economy is that it is highly informal and has a weak education system relative to other developed countries such as the UK or the US.
Since the 1990s, Spain has been expanding its economic footprint into Latin America, India, and China. It is a member of the Schengen Area, the European Market, and the Eurozone.
Notable companies include Iberdrola which provides renewable energy, Telefonica a mobile network company and textile company Inditex, train manufacturers such as CAF, and international construction companies such as ACS, OHL, and Ferrovial. Spain was ranked in the top 10 on quality of life by the Economist Intelligence Unit.