Spain’s Economy Outpaces Eurozone Peers with Strong 3.2% 2024 Growth

Spain’s economy grew by a stronger-than-expected 3.2% in 2024, significantly outpacing its eurozone counterparts, according to preliminary data released by the National Statistics Institute.

Following the release of the annual figures, Economy Minister Carlos Cuerpo indicated that the government planned to revise its 2025 growth forecast upward from the previous estimate of 2.4%. He attributed the economy’s resilience to a tourism surge, a robust agricultural sector, and higher exports.

Spain’s GDP expanded by 0.8% in the fourth quarter compared to the previous quarter, maintaining the same growth rate as the prior three-month period. Some analysts had expected a 0.6% quarter-on-quarter increase.

The 2024 growth rate exceeded both the government’s projection of 2.7% and the Spanish central bank’s estimate of 3.1%. Cuerpo noted that Spain continued to lead eurozone growth, with its GDP rising at a pace four times faster than the bloc’s overall expansion.

Spain’s economic performance stands in stark contrast to that of other major economies within the eurozone. In recent days, France and Germany have revised their 2025 growth forecasts downward to 0.9% and 0.3%, respectively, while Italy expects a 1.2% expansion.

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