Overview
- S&P forecasts 2.6% GDP growth in 2025 on strong employment and domestic demand.
- The upgrade reflects a firmer external position after a decade of private-sector deleveraging.
- The agency cautions the rating could fall if fiscal slippage and political fragmentation push deficits and debt higher.
- Spain’s service-focused economy and relatively small goods exports to the US lessen immediate tariff risks.
- Economy minister Carlos Cuerpo says lower financing costs could save about €350 million in interest by year-end.