Spain is set to experience a period of economic growth, with the government predicting a 2.7% increase in Gross Domestic Product (GDP) in 2024, up from the previous forecast of 2.4%. This positive trend is expected to continue in the following years, with a 2.4% growth in 2025 and a 2.2% increase in 2026.
Key factors driving this growth include a thriving job market, rising consumer spending, increased investments, and a strong foreign sector. Private consumption is set to maintain a steady growth rate of around 2% until 2026, supported by improving job market conditions and rising wages.
The government also projects the creation of 500,000 new jobs annually, pushing the total number of employed individuals past 22 million. The unemployment rate is expected to decline from 11.2% to 9.7% by 2026.
Investment is showing signs of recovery, particularly in the construction industry focused on building social rental housing. These developments are expected to further stimulate economic growth. Spain’s economy has shown resilience, outpacing the eurozone’s average growth, positioning the country as a strong performer in the region.
