Spanish economy grows 3.2% in 2024 with 0.8% rise in Q4

The Spanish economy grew by 3.2% in 2024, according to preliminary data released on Wednesday by the National Statistics Institute (INE).

This marks an increase compared to 2023, when economic growth was 2.7%.

In the fourth quarter of 2024, GDP saw a rise of 0.8%, similar to the previous quarter.

The economy grew by 3.5% year-on-year in the final three months of the year, continuing the trend seen in the previous quarter.

Spain leads eurozone growth

Spain's Ministry of Economy emphasized that the country continues to lead eurozone growth, with its GDP expansion four times greater than the eurozone average.

"The growth of the Spanish economy remains balanced, with positive contributions from both domestic and external demand," a source at the ministry said.

According to them, the figures published on Wednesday "reflect the strength and balanced growth of the Spanish economy." 

The Spanish government points out that there has been an annual improvement in productivity per hour, up 0.7%, and that employees "continue to recover their purchasing power, with a growth in compensation per worker of around 5% in recent quarters."