Spain: Europe's economic star in 2024
- Open Gate Portugal
- Apr 30
- 2 min read
While many European economies are facing recession, Spain is experiencing impressive growth. According to The Economist, Spain's GDP will grow by 3.2 per cent in 2024, almost four times the eurozone average. (Spain shows Europe how to keep up with America's economy)
Key success factors
- Tourism:
Spain set a new record by welcoming 94 million tourists in 2024, significantly supporting the economy. (Spain)
- Renewable energy:
The country is actively investing in green energy, with plans to generate 90 per cent of its electricity from renewable sources by 2030. This contributes to lower electricity prices and increases industrial competitiveness . ('The Economist' se rinde ante la revolución económica española y destaca estos dos detalles: pueden ser claves para el futuro)
- Immigration:
Spain's population has increased by 3 million since 2012, including 1.2 million migrant workers, boosting GDP growth and strengthening the labour market . ('The Economist' se rinde ante la revolución económica española y destaca estos dos detalles: pueden ser claves para el futuro)
- Financial markets:
IBEX 35 index up 14.8 per cent in 2024, reflecting investor confidence in the Spanish economy.
Challenges on the horizon
Despite its successes, Spain faces a number of challenges:
Housing crisis: Rising house prices and a shortage of affordable housing require attention.
Need for investment: Additional investment in infrastructure and innovation is needed to sustain growth.
Labour productivity: Increasing productivity remains key to the long-term sustainability of the economy.
Spain demonstrates that with the right strategy and investment, it is possible to overcome economic challenges and become a leader in the region.
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