Spanish economy shines in 2024 with 3.2% growth [Video]

The Spanish economy expanded 3.2 percent last year thanks to buoyant exports and consumption that have made it one of the fastest-growing developed countries, official data showed on Wednesday.

Spain has been consistently outstripping a mostly sluggish eurozone and the data published by the National Statistics Institute confirmed its standout performance with 0.8 percent growth in the final three months of 2024.

The result slightly exceeded forecasts of 3.1 percent growth by the Bank of Spain and the International Monetary Fund.

Exports in the European Union’s fourth-largest economy grew three percent year-on-year in the final quarter of 2024 and household consumption increased 3.7 percent.

The service sector continued to perform strongly from October to December with a jump of 3.9 percent year-on-year.

Tourism, which represents around 13 percent of the economy, has driven the sector as a record 94 million tourists flocked to the world’s second most-visited country last year.

…