Spain is the world's 51st largest country with a landmass of 504,782 square kilometres. As well as the Spanish mainland, the country also consists of the Balearic Islands in the Mediterranean and the Canary Islands off the west coast of Africa.
Spain is bordered to the north by France, Andorra and the Bay of Biscay; to the east by the Mediterranean; to the south by the Mediterranean and Gibraltar and to the west, Portugal and the Atlantic Ocean. Along with France and Morocco, it is one of only three countries to have both Atlantic and Mediterranean coastlines. Extending to 1,214 km, the Portugal-Spain border is the longest uninterrupted border within the European Union.
Despite the poor performance of the Spanish economy generally in the 2008-2013 period, the economic situation improved later on. During the boom years, Spain had built up a trade deficit eventually reaching a record amounting to more than 10% of GDP. During the economic downturn, Spain significantly reduced imports, increased exports and kept attracting growing numbers of tourists. Exports in 2014 were 34% of GDP, up from 24% in 2009.
The sectors with the largest share of innovative firms were R&D services, transport equipment, pharmaceuticals, electronics, chemistry, telecommunications, ICT services, banking and assurance, and machinery. The government of Spain supports the research in the field of Business and management so that the country regains the business and increases the export, various business and management journals and magazines like Journal of the Spanish Economic, TOP journal, Pulse of Spain, etc. encourages the research work in the Spain in publishing.