Annual currency in circulation (CIC) to GDP ratio of Spain 2001-2022
Currency in circulation, or the value of coins and banknotes, made up roughly 13 percent of GDP in Spain in 2019, a value that is comparable to previous years. This so-called CIC/GDP ratio roughly measures the use of cash in the country. Due to the anonymity of cash transactions, sources struggle to find exact volumes on this. The ratio mentioned here is quite popular in that regard, as the data it needs is relatively easy to find. Some industry experts mention, however, that this ratio is too general and does not necessarily reflect retail payments.
