Spain Leads Eurozone with 3.2% Economic Growth in 2024

Driven by strong exports, tourism, and household consumption, Spain outpaced other major economies despite challenges like severe flooding.

• Spain's economy grew 3.2% in 2024, exceeding forecasts and outperforming the eurozone's 0.8% growth rate.
• Key drivers included a 3% rise in exports, a 3.7% increase in household consumption, and record-breaking tourism with 94 million visitors.
• The service sector grew 3.9% year-on-year, bolstered by tourism, which accounts for 13% of the economy.
• Unemployment fell to 10.61%, its lowest level since 2008, reflecting a robust labor market and population growth fueled by immigration.
• Despite economic optimism, challenges remain, including political instability that delayed the 2025 budget and potential international trade tensions.

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