Spain's Economic Surge: Outpacing Eurozone Peers

Spain's economy witnessed a significant expansion of 3.2% in 2024, surpassing eurozone peers. This growth, propelled by tourism, agriculture, and exports, led to a forecast revision. The growth persists despite rising living costs and housing crisis. Analysts note slow GDP per capita growth since 2007.

Spain's economy is experiencing a notable expansion, growing by 3.2% in 2024, surpassing official forecasts and outperforming its eurozone counterparts, according to preliminary data from the National Statistics Institute.

The growth is attributed to a tourism surge, a robust agriculture sector, and increased exports. Economy Minister Carlos Cuerpo announced this week that the government is set to increase its economic forecast from the current 2.4% due to these positive indicators.

Despite the positive growth, the country faces challenges with a rising cost of living and housing crisis impacting living standards. Analysts also critique the slow GDP per capita growth which has only increased by around 4% since 2007.

(With inputs from agencies.)