According to data from the National Statistics Institute (INE), Spain’s economy surpassed other main Eurozone countries in 2024, indicating a disparity with peers. Spain’s GDP increased by 3.2% in 2024, well outpacing France and Italy’s expansion of nearly 1% and Germany’s 0.2% decrease.
According to INE’s quarterly report, Spanish growth accelerated in 2024 from 2.7% in 2023, driven by tourism-related sectors such as transportation, hotels, and retail, as well as manufacturing and agriculture. The Spanish economy expanded by 0.8% in the fourth quarter compared to the previous quarter, confirming the estimates of Reuters analysts and preliminary statistics.
According to INE, Spain’s fourth-quarter economic output increased 3.4 percent on an annual basis, up from 3.5 percent previously. However, the statistics also fell short of the 3.5% forecast by Reuters experts.
The Bank of Spain indicated earlier in March that it projected the country’s economy to grow by a still solid 2.7% in 2025, owing to rising private consumption. Growth in the Eurozone’s top economies is likely to be far slower, with Germany’s largest economy expected to rise by 0.2% this year and Italy and France expected to grow by 0.7%.
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