GDP (World Bank data) | Spain
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GDP (World Bank data) of Spain in 2024 amounted to 1 722 746 million USD, which is 6.34% more than in 2023, when it was 1 620 091 million USD. It has been growing in this country for already 2 years in a row. According to the World Bank statistics, since 1960, the Gross Domestic Product has increased in 138.66 times. The lowest GDP was recorded in 1960, with a value of 12 425 million USD. The maximum GDP of Spain was in 2024, when it reached 1 722 746 million USD. This indicator is expressed in current prices, meaning no adjustment has been made to account for price changes over time. Gross Domestic Product (GDP) is calculated by each country in its national currency. To enable cross-country comparability, the World Bank converts these values into US dollars using the annual average exchange rate.
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Definition
Gross domestic product (GDP) represents the sum of value added by all its producers. Value added is the value of the gross output of producers less the value of intermediate goods and services consumed in production, before accounting for consumption of fixed capital in production. The United Nations System of National Accounts calls for value added to be valued at either basic prices (excluding net taxes on products) or producer prices (including net taxes on products paid by producers but excluding sales or value added taxes). Both valuations exclude transport charges that are invoiced separately by producers. Total GDP is measured at purchaser prices. Value added by industry is normally measured at basic prices.
