Spanish economy expands by 3.2% - Manila Standard

MADRID -- Spain's economy grew by 3.2% in the year 2024 thanks mainly to strong exports and consumption, and it became one of the fastest-growing economies among developed nations, according to new statistics. Spain has been rather an exception within the eurozone, which has been for the most part stagnant, and the numbers released by the National Statistics Institute on Wednesday backed this up with its performance. The result was just a little higher than expectations of 3.1% growth marked by the Bank of Spain and the IMF and improved from 2.7% in 2023. The exports in the European Union's fourth biggest economy increased by 3% year on year in the last quarter of 2024, and household spending rose by 3.7%. The service sector remained on a growth trajectory from October to December as it grew by 3.9 per cent year on year. Tourism which is among the largest sectors of the economy at 13 per cent has been on a recovery mode after being shut down by the Covid 19 crisis. A record 94 million tourists visited the world's second most visited country in 2024 according to AFP.