Market Overview
According to Nationmaster.com We find the following relevant information regarding the market in fertilizers and soil amendments. * As was the case with many other European countries, 2011 was a difficult year for the Spanish economy. Nonetheless, the country continues to be an interesting market for US companies. With a GDP of 1.4 trillion dollars and a population of 47.2 million people, Spain is the 12th largest economy in the world and the fifth largest in the EU. Spain was the 13th largest importer in the world in 2010. In addition, the country was the 7th largest recipient of foreign direct investment in 2010 and the 10th largest investor worldwide in terms of foreign direct investment. Major Spanish firms in the telecommunications, banking, infrastructure and energy sectors have become global leaders. Procurement decisions for these companies continue to be made within Spain. * After 15 years of solid GDP growth that made it the world’s ninth largest economy, Spain entered into a recession in the second quarter of 2008 from which it has not yet emerged. GDP contracted by 0.1 percent in 2010, before turning slightly positive in 2011, growing by 0.7 percent. However, consumption continued to fall due to the ongoing rise in unemployment (22.85 percent in December 2011) and GDP growth is predicted to be negative again in 2012. As of the end of 2011, inflation was at three percent. The economic and financial crisis and the mixed results of the government’s efforts to end it led to a serious loss of confidence in the government. General elections were held in November 2011. The opposition, Popular Party had a majority win and is in the process of announcing and implementing a battery of measures with a view to reducing the deficit, re-structuring the financial sector and reforming the labor market. * Spain and the United