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Published on Friday, June 14, 2024 | Updated on Monday, July 22, 2024

Spain Economic Outlook. June 2024

GDP growth forecast for 2024 is raised to 2.5% thanks to the good performance of external demand, the increase in the labor force, and the execution of Recovery Plan funds. However, it will moderate to 2.1% in 2025, largely due to constraints in tourism growth.

Key points

  • Key points:
  • Global growth will moderate in the coming quarters and recover in 2025. In the US, growth is revised upward for 2024, but a moderation remains likely. In the Eurozone, the cyclical recovery will gain momentum. In China, despite better data and stimulus, structural challenges will limit growth.
  • The Spanish economy has performed better than expected three months ago, driven by services exports, improvements in competitiveness, labor force growth and Recovery Plan funds.
  • The increase in interest rates has not been passed on proportionally to the cost of financing, and fiscal policy may be somewhat more expansionary than expected.
  • External demand will be negative due to constraints in tourism. Investment in transport and housing faces short-term obstacles and domestic demand will be affected in 2025 by fiscal adjustment.
  • All this in an environment of high uncertainty about the future of economic policy, both nationally and globally.

Documents to download

Multimedia content

  • Global Economic Outlook. June 2024

    Spanish June 14, 2024
  • Spain Economic Outlook. June 2024

    Spanish June 14, 2024
  • Spain Economic Outlook press conference. June 2024

    Spanish June 14, 2024
  • Spain Economic Outlook. June 2024

    Spanish June 24, 2024

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