Unmatched Growth Ahead
By the end of 2024, Spain is set to lead all advanced economies in growth, driven by thriving tourism, foreign investment, and immigration. Yet, challenges like U.S. protectionism and economic security remain. Following solid performance in 2023 with 2.7% growth, Spain’s economy is projected to rise to 2.9% in 2024, making it the world’s fastest-growing developed economy, according to the IMF.
Resilient Recovery After the Pandemic
Spain’s economy has shown remarkable resilience, bouncing back robustly from the pandemic’s impact. With an 11% GDP loss during the pandemic steeper than Italy’s 9% Spain’s recovery has been strong and pronounced, highlighting the nation’s economic durability.
Tourism Surges and Diversification Expands
Tourism is booming. Spain is set to welcome over 85 million visitors this year, likely surpassing France as the top global destination. Yet Spain’s growth goes beyond tourism, with the automotive industry Europe’s second largest helping boost exports from 25% of GDP in 2007 to 38% in 2024. Key sectors like engineering, finance, technology, design, and culture are also flourishing.
Positive Impact of Immigration
Unlike other EU nations, Spain has benefited from immigration, particularly from the Americas. This influx has strengthened the workforce and bolstered GDP growth, with 18% of Spain’s population now foreign-born, contributing to a dynamic, expanding economy.
