Spain's GDP grows 3.2% in 2024

Spain's economy grew by 3.2% in 2024, according to definitive figures released by the National Statistics Institute on Wednesday, confirming estimated results published in January.

Domestic demand contributed 2.8 percentage points to last year's GDP growth, 1.1 more than in 2023, while external demand contributed 0.3 percentage points, 0.7 less than in 2023.

GDP in the fourth quarter increased by 0.8% compared to the previous three months, a rate similar to that seen in Q3.

Domestic demand contributed 1.2 percentage points to Q4 growth, while external demand decreased by 0.4 percentage points.

Household spending grew by 1%, while spending by public administrations increased by 0.3%. Capital investment registered a 2.9% increase.

Exports of goods and services saw a year-on-year growth rate of 0.1%, three-tenths of a percentage point lower than the third quarter.

Imports, on the other hand, grew by 1.4%, with an increase of four-tenths compared to the previous quarter.

All major sectors recorded positive growth, except for the primary sector. The industrial sector increased by three-tenths on the previous quarter, with the manufacturing industry up six-tenths to 0.5%.

The primary sector saw a quarterly decline of 0.7%, down from a 1.4% increase in the previous quarter.

On a year-on-year basis, GDP growth in the fourth quarter stood at 3.4%, one-tenth higher than the previous quarter.