Spain, with the strongest economic growth in the eurozone - Tourism, agriculture and exports fueled expansion in 2024
Spain had the strongest economic growth in the eurozone in 2024, exceeding the Central Bank's expectations. The rapid growth was helped by tourism, the agricultural industry and strong exports.
Spain's economy expanded by 3.2% in 2024, significantly outpacing its eurozone counterparts, preliminary data from the National Institute of Statistics showed.
The economy ministry said the government would raise its forecast for this year to 2.4% after the release of annual data. The figures reflect a tourism boom, as well as a strong agricultural industry and higher exports.
Tourism, which represents about 13% of the economy, has boomed since the COVID-19 crisis paralyzed travel. A record 94 million tourists flocked to the world's second-most visited country last year.
The economy expanded 0.8% in the fourth quarter, compared with the previous three months. Analysts had forecast gross domestic product to rise 0.6% quarter-on-quarter.
The growth rate for 2024 was faster than the 2.7% projected by the government and the 3.1% projected by the Central Bank.
"Spain continues to lead the growth of the euro area, with GDP growth four times higher than the euro area as a whole," the ministry announced.
The strength of Spain's economy contrasts with other major countries in the single currency zone. In recent days, France and Germany have lowered their outlook for this year to 0.9% and 0.3% respectively, while Italy expects growth of 1.2%.
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