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The current composition of the economic structure of the Valencia region is the result of a series of significant developments. In a relatively short period, the area has moved from a traditionally agricultural-based society to providing the services and industrial activities typical of an economically advanced society.
In 2009, the Gross Domestic Product (GDP) of the Valencia Region was 101.608.347 million euros, which accounted for approximately 10% of the Spanish GDP.
| GROSS DOMESTIC PRODUCT 2009. |
(Thousands euros) |
| Valencia Region | Spain | VR/Spain % |
| GDP (mil. Euros) | 101.608,000 | 1.051.151,000 | 9,7 |
| Agriculture | 1.950,000 | 23.877,000 | 8,16 |
| Industry | 12.899,000 | 123.191,000 | 10,47 |
| Energy | 1.882,000 | 24.613,000 | 7,64 |
| Construction | 10.719,000 | 104.828,000 | 10,22 |
| Services | 66.906,000 | 699.641,000 | 9,56 |
| Net taxes on products | 7.249,000 | 75.001,000 | 9,66 |
Source of preliminary estimate: National Institute of Statistics Author.
The Gross Domestic Product of the Valencia Region represents 9.7% of the total figure for Spain. In the case of the industrial sector, this percentage rises to 10.47%. The Valencia Region boasts the fourth largest GDP for industry among the autonomous regions of Spain.
The service sector represents 65.84% of the regional GDP. The industrial sector, in turn, has greater weight than in Spain as a whole, accounting for 12.69% of the regional GDP (23.23% if we include construction).
The relatively small agricultural sector contributes 1.91% of the regional GDP. This highly competitive sector is geared towards agricultural exports, with citrus fruit production being especially noteworthy.
SECTOR DEVELOPMENT AS PART OF GDP IN THE VALENCIA REGION, 2000-2009
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(Percentage of the total) |
| Agriculture | Industry and Energy | Construction | Services | Net taxes |
| 2000 | 3,00 | 21,30 | 8,10 | 58,20 | 9,50 |
| 2001 | 3,10 | 20,60 | 8,60 | 58,60 | 9,20 |
| 2002 | 2,90 | 19,60 | 9,00 | 59,30 | 9,30 |
| 2003 | 2,80 | 18,80 | 9,50 | 59,20 | 9,70 |
| 2004 | 2,60 | 17,90 | 10,10 | 59,40 | 10,00 |
| 2005 | 2,30 | 16,80 | 10,80 | 59,60 | 10,50 |
| 2006 | 2,10 | 16,30 | 11,30 | 59,10 | 10,97 |
| 2007 | 2,01 | 16,40 | 11,60 | 59,50 | 10,38 |
| 2008 | 2,80 | 17,30 | 11,60 | 68,30 | 8,50
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| 2009 | 1,90 | 14,50 | 10,50 | 65,80 | 7,10 |
Source: Author. Based on INE data.
If we take into account the distribution of employment by sector in the Valencia Region during fourth quarter 2008, the service sector stands out with 63.92%, followed by the industrial sector at 19.60% (greater than the 15.60% figure for Spain as a whole).
| BREAKDOWN OF EMPLOYMENT BY SECTORS. YEAR 2008 |
(Percentage of the total) |
| Valencia Region | Spain |
| Agriculture | 1,91 | 2,66 |
| Industry | 19,6 | 15,60 |
| Energy | 0,56 | 0,75 |
| Construction | 14,00 | 12,7 |
| Services | 63,92 | 68,21 |
The previous table reveals that a significant portion of the regional industrial activity is associated with manufacturing, and that the contribution of industry to the Valencia Region GDP is superior to that in Spain.
In the following sections, we will consider the most important aspects of the farming, fishing and service sectors.
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