Spain's per capita economic output throughout the 19th and first half of the 20th century was on par with Latin America. By 1950, Spain's per capita GDP was actually lower than Mexico's and even Peru's. During the postwar period lasting until 1973, Spain and much of Western Europe's economies took off growing at a much faster rate than its former colonies. By 1973, Spain's per capita GDP was nearly equal to Argentina's and 58% higher than Mexico's. Though Spain's economy did not grow as rapidly after 1973, it still outperformed most of Latin America. By 2016, Spain's economic output was nearly double of Mexico's and nearly 7 times that of its poorest former colony, Honduras.
Spain's economy during the 1950-1973 period allowed the country to become a major industrial nation, and the world's ninth largest economy and its GDP per capita grew by 350% during that period known as the "Spanish miracle". Much of the growth actually took place beginning in the late 1950s and the 1959-1973 period was the period with the highest growth. Tourism from Northern Europe boomed and the country became more integrated into the European economy. Latin America in contrast continued to rely on export of commodities while importing high-tech goods from the U.S. Europe and Japan, additionally most countries remained heavily protectionist. Despite this, Mexico's economic growth was higher than many Latin American countries during the period, it just wasn't as high as Southern Europe or East Asia.
1950 Per Capita GDP in 1990 dollars
Venezuela $7,462
Argentina $4,987
Uruguay $4,659
Chile $3,670
Mexico $2,365
Peru $2,308
Spain $2,189
Colombia $2,153
Guatemala $2,085
Cuba $2,046
Costa Rica $1,963
Bolivia $1,919
Panama $1,916
Ecuador $1,863
Nicaragua $1,616
Paraguay $1,584
El Salvador $1,489
Honduras $1,313
Dominican Republic $1,027
1973 Per Capita GDP in 1990 dollars
Venezuela $10,625
Argentina $7,962
Spain $7,661
Chile $5,034
Uruguay $4,974
Mexico $4,853
Costa Rica $4,319
Panama $4,248
Peru $4,023
Colombia $3,499
Guatemala $3,297
Ecuador $3,290
Nicaragua $2,921
Bolivia $2,357
El Salvador $2,342
Cuba $2,245
Paraguay $2,038
Dominican Republic $2,005
Honduras $1,581
2016 IMF GDP per capita PPP
Spain $36,416
Chile $24,113
Panama $23,024
Uruguay $21,527
Argentina $20,047
Mexico $18,938
Costa Rica $16,436
Dominican Republic $16,049
Colombia $14,130
Venezuela $13,761
Peru $12,903
Ecuador $11,109
Paraguay $9,396
El Salvador $8,909
Guatemala $7,899
Bolivia $7,218
Nicaragua $5,452
Honduras $5,271