El Ministry of Economy, Commerce and Business The Spanish central bank has revised upwards its economic growth forecasts for Spain, placing the figure for 2024 at 2,7%, three-tenths more than the previous estimate. This adjustment is part of the update of the macroeconomic scenario until 2026, based on the new series of the Annual National Accounts published by the National Institute of Statistics.
The revision of the growth rates, which has meant an accumulated increase of 1,1 percentage points between 2019 and 2023, translates into an increase of more than 36.400 billion euros of the Nominal GDP. According to new estimates, Growth will remain stable in the following years, with an increase of 2,4% in 2025 and 2,2% in 2026, which will consolidate Spain as one of the most dynamic economies in the the euro area.
The competitiveness of the economy is maintained going forward, with exports that will continue to grow over the coming years, especially those of tourist and non-tourist services.
The Government highlights that this growth is balanced and is supported by the dynamism of employment, consumption and investment, in addition to the strength of the foreign sector, especially the exports. The withprivate sumo It will be one of the main drivers, with sustained growth of around 2% throughout the period. This increase is linked to the "strong performance of the labor market," which is expected to create 500.000 jobs per year and reach 22 million employed by 2024.
The unemployment rate is also expected to continue to decline, falling below 10% in 2026. Added to this is an improvement in hourly productivity and a increase in wages, which will grow above the inflation, allowing "to improve the purchasing power of workers," according to Ministry sources.
On the other hand, investment will also experience significant growth, driven by the Recovery Plan, which will be key to positive long-term prospects. In addition, the foreign sector will continue to be an important driver for the Spanish economy, thanks to the robust performance of exports of goods and services.
In summary, the new economic forecasts reflect a consolidation of sustainable and balanced growth for Spain, with positive indicators both in the labour market and in investment and exports.
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