The economy of Spain is a highly developed social market economy. It is the world's sixteenth-largest by nominal GDP and the sixth-largest in Europe. Spain is a member of the European Union and the eurozone, as well as the Organization for Economic Co-operation and Development and the World Trade Organization. In 2021, Spain was the twentieth-largest exporter in the world and the sixteenth-largest importer. Spain is listed 27th in the United Nations Human Development Index and 37th in GDP per capita by the World Bank. According to The Economist in 2005, Spain had the world's 10th highest quality of life. Some of the main areas of economic activity are the automotive industry, medical technology, chemicals, shipbuilding, tourism, and the textile industry. Following the financial crisis of 2007–2008, the Spanish economy plunged into recession, entering a cycle of negative macroeconomic performance. Compared to the EU's and US's average, the Spanish economy entered recession later (the economy was still growing by 2008), but it stayed there longer. The economic boom of the 2000s was reversed, leaving over a quarter of Spain's workforce unemployed by 2012. In aggregated terms, the Spanish GDP contracted by almost 9% during the 2009–2013 period. The economic situation started improving by 2013–2014. By then, the country managed to reverse the record trade deficit which had built up during the boom years. It attained a trade surplus in 2013, after three decades of running a trade deficit. The surplus kept strengthening during 2014 and 2015. In 2015, the Spanish GDP grew by 3.2%, a rate not seen since 2007, the last year before the world financial crisis struck. This growth rate was the highest among the larger EU economies that year. In just two years (2014–2015), the Spanish economy recovered 85% of the GDP lost during the 2009–2013 recession. This success led some international analysts to refer to Spain's current recovery as "the showcase for structural reform efforts". Strong GDP growth was registered also in 2016, with the country growing twice as fast as the eurozone average. In this regard, the Spanish economy was forecast to remain the best-performing major economy in the eurozone in 2017. Spain's unemployment rate fell substantially from 2013 to 2017. The real unemployment rate is much lower, as there is an estimation of millions of people working in the grey market, people who count as unemployed or inactive yet still perform jobs. Although estimates