The economy of Spain is among the largest in the world, with its Gross Domestic Product standing at $1.36 trillion. The country ranks at 14th place in the world's largest economies. In Europe, Spain's GDP is only surpassed by that of France, Italy, Germany, and the UK. Despite being hit by the 2007-2008 financial crisis and the property recession of the 2000s, the economy has experienced significant growth in recent years, growing by 3% in 2016. However, the country is heavily indebted, with public debt being equivalent to 99% of Spain's GDP.
In 2013, the country's gross external debt stood at $1.3 trillion. The euro is the official currency used in the country. The regulation of financial institutions is handled by the Banco de Espana, the nation's central bank. The country has invested heavily in infrastructure to facilitate the growth of industries in the country. Spain is home to the fifth-busiest port in Europe; Valencia which is also the busiest port in the Mediterranean. The country has Europe's longest high-speed rail network and is only surpassed globally by China. The major industries that drive the economy of Spain are the tourism, manufacturing, agriculture, and energy industries.
The tourism industry is an important economic driver in the country, accounting for about 11% of the nation's annual GDP. As the world's third-most-popular tourist destination, Spain receives more than 75 million tourists each year, who come to sample its wide range of attractions. The prominence of Spain in the global tourism industry is manifested by the presence of the headquarters of the World Tourism Organization. Tourists from France, the United Kingdom, Germany, and Italy make up the bulk of Spain's international tourists.
The country has a total of 12 national parks, the majority of which are found on the country's mainland. Spain is marketed as the ideal summer holiday destination in Europe and has numerous attractions to that effect. The island of Tenerife is Spain's most visited tourist site, as it is home to the famed Teide National Park, the most famous national park in the country. The Mediterranean coast features fantastic beaches, which attract summer tourists in their millions. On the other end of the spectrum are the Sierra Nevada, the country's number-one winter tourism destination, and home to many ski resorts.
Spain is not only known for its natural beauty but also its historical sites. The country is home to the third-most important city in Catholicism; Santiago de Compostela, which draws Catholic pilgrims from around the globe.