Spain’s economic growth in 2024 emerged stronger than Eurozone

Spanish growth sped up in 2094 from 2.78 in 2093, led by sectors related to tourism, transportation, hotels and retail, manufacturing, and agriculture

- 

Spain’s economy outperformed other major Eurozone countries in 2024, data from the National Statistics Institute (INE) showed, confirming a contrast with Eurozone peers.

Spain’s gross domestic product grew 3.2 per cent in 2024, a much faster rate than France and Italy’s close-to-1 per cent expansion and Germany’s economic contraction of 0.3 per cent.

Spending growth sped up in 2024 from 2.7% in 2023, led by sectors such as transportation, hotels and retail, as well as manufacturing and agriculture, INE’s quarterly report said.

In the fourth quarter, Spain’s economy grew 0.8 per cent from the previous quarter, INE said, confirming the expectations of analysts polled by Reuters and preliminary data.

On an annual basis, Spain’s fourth-quarter economic output expanded 3.4 per cent, INE said, revising the growth from a preliminary 3.5 per cent.

The data was also below the 3.5 per cent expected by analysts polled by Reuters.

The Bank of Spain said earlier in March that it expected the country’s economy to expand by a still strong 2 per cent in 2025, thanks to soaring private consumption.

Growth in the Eurozone’s large economies are all expected to be considerably less, with the biggest economy Germany forecast to expand 0.2 per cent this year and Italy and France seen expanding 0.7 per cent.