Spain Records Strongest Economic Growth Among Euro Zone Nations in 2024
- brg_news_room
- Mar 28
- 1 min read
Spain: The Spanish economy recorded a growth rate of 3.2% in 2024, outpacing other major euro zone economies, according to data from the National Statistics Institute. This growth was significantly higher than France and Italy, which expanded by around 1%, while Germany's economy contracted by 0.2%. The increase in Spain’s GDP was driven by strong performance in tourism-related sectors, including transportation, hospitality, and retail, as well as growth in manufacturing and agriculture. In the fourth quarter, the economy expanded by 0.8% compared to the previous quarter, with an annual increase of 3.4%, slightly lower than initial estimates.
The Bank of Spain has projected that the economy will grow by 2.7% in 2025, supported by rising private consumption. In contrast, other major euro zone economies are expected to see considerably lower growth, with Germany forecasted to expand by 0.2%, and Italy and France expected to grow by 0.7%. Despite a slight downward revision in fourth-quarter growth figures, Spain continues to demonstrate economic resilience compared to its European counterparts.
Source: Reuters