The Kingdom of Spain covers an area of 504,030 square kilometers with a population of 46 million people. It joined the European Union on January 1, 1986.
Spain has the ninth largest economy worldwide, and fifth largest in Europe. Despite the high inflation and a current high unemployment rate, the economy created more than half of all the new jobs in the EU by 2005. Recently, Spain has benefited from global real estate boom, but it also suffered from a huge increase in the personal debt.
Peseta was the Spanish currency from 1869 until 1999 when the euro replaced it.
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