The Spanish economy increased by 3.2% by 2024: why does this turn three times to the European average?

Powered by strong home cost, investment setback and a growing tourism sector that does not show signs of fatigue, The Spanish economy registered one of the best results In 2024 of the development of the Euro Zone, Surpass the most advanced economies France, Germany and Italy.

Throughout the year, the Spanish economy grew 3,2%Ovarian Europe area is three times more than average (0.9%). According to analysis published on Wednesday, Spanish GDP (GDP) increased by 0.8% in the fourth quarter of 2024.

Europe Malda (6%), Croatia (3,8%) Y Cherry (3.4%) recorded more solid decisions. On the other hand, the German economy shrunk 0.2%, and France and Italy recorded 1.1%and 0.7%warm growth respectively.

Both the best results in Spain Structural changes such as economic rotation Current: Effectively use the recovery funds This is one of the main machinery of Hispanic economic strength.

What stimulates Spain’s economic growth?

Domestic needed It is the main pillar of expansion. By 2024, he added 3.6 percent of the annual growth of GDP, while the external demand reduced by 0.2 points. Home consumption increased by 1%, General cost 0.3% and Private investment 2.9%. On the contrary, net trade was a stabilizer because imports (+1.4%) exceeded lazy exports (+0.1%).

By fields, all the big business In addition to the primary department They recorded profit. Construction is 2.7%, 1.0%of services and 0.3%of the industry, by the growth of the manufacturing sector (0.5%). Agriculture, livestock and fishing department Or mining This was 0.7% retreated after the previous quarter was temporarily recovered.

The In the corner of the Spanish economyTravel is still a powerful growth machine. Judit Montarium, the economist of Kaisabank research, is estimated to be Spain, according to Carika 94 million tourists Internationally in 2024, 10% more Than the previous year. “This field does not show signs of rotation, and will record strong growth by 2024,” says Karika.

Travel GDP is expected to increase 3.6% on real basis by 2025, which will be raised Department participation In the national economy 13,2%Compared to 12.9% in 2024. The results of this sector are particularly important, considering the widespread consequences of trade, restructuring and transport services.

What will happen in the Spanish economy in 2025?

Although the moderate character of growth is expected, Spain will continue to appear among the countries of the Euro region With the best results in 2025. Economic Cooperation and ICEPTION (OECD) a forecast a Increase in GDP in GDP 2.6% As for Spain, 0.3% more than the December 2024 estimate.

The latest economic perspectives of the BPVA strengthen this idea: “The best behavior of external economies in front of the central countries of the Euro region – especially Portugal and Spain – will be confirmed by 2025”. Compared to, it is expected Alamia, France and Italy A to build a 0,4%And 0,8% And a 0,7%Respectively. Euro zone is expected to grow only 1%.

BNP Paribas economist Lucy Barrett confirms the following: “Consumption of houses in Spain It should be the main growth machine In the first quarter and throughout the year. “Increasing retail sales in January 2.2% of the year -a year -up Increase in new vehicle registrations 8.2% From January to February.

InflationFor its part, it is still. Consumer prices uploaded a 2,9% Mutual in February. Inflation BasisIt excludes energy and food fluctuation, which is reduced 2,1%The European Central Bank approaches the 2% target.

However, Barrett points to it Increased production prices It is likely to go to the consumers in the coming months. Spanish production prices are 6.6% annually in February 2025 -February 2023.

The recovery plan stimulates continuous growth

The use of new generation EU funds is another growth machine within the structure of the Spanish recovery, change and setback program. Tenders and funds were provided for a total of 47.6 billion euros at the end of 2024, About 60% of the endowment Total grants. Of this amount, 14,400 million euros were only executed in 2024.

Spain submitted the fifth discount request In December, this includes 8,000 million euros and 15.9 billion in loans. A survey conducted by Spain’s Bank shows the importance of this impulse: 45% of companies said they would not have made their investments without this supportAnd 31% have only implemented a portion of them.

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Real Estate and Credit Department maintains their energy

Spanish real estate market He showed signs of strength throughout 2024. Home prices increased by 5.8% last year They are also expected to grow 5.9% by 2025. Exception Catalonia. And 6.4% in Barcelona.

However, many owners or investment funds have been sent to a temporary or tourist rental market, which is very low, which can be Control the home offer Available in the middle period. The loan cycle also charges the impulse. January 2025 shows acceleration of the amount of new credits, which promotes confidence in the increase and recovery of economic activity.

The larger structure is complicated following unemployment

Productivity continued to grow in the labor market, with a year of 2.8% of the fourth quarter to increase a year -year and full -time employment by 2.3%. The Spanish unemployment rate is less than 10.61% In the fourth quarter of 2024, the previous quarter reached its lowest position from the second quarter of 2008, compared to 11.21% in the previous quarter. In addition, The number of people hired reached 21,857,900 A historical record, according to INE data at the end of January.

Although the Spanish economy may slow down the rhythms of the previous years, all indicators say that it will be one of the best results in the coming years in the coming years. OECD forecasts 2.1% growth in 2026Almost doubled in Germany, France and Italy. With an anti -consumer, A growing tourist field A general investment that continues to flow from European funds has not ended Spain’s recovery after the infection.

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