Spanish economic growth in 2024
The Bank of Spain recently announced a positive update regarding its economic growth forecasts for 2024, estimating an increase in Gross Domestic Product (GDP) equal to 3.1%. This figure represents a sign of optimism for the country, which is recovering from various economic and social challenges. The revision of the estimates is particularly significant, considering that it took place in a context of uncertainties related to adverse weather events, such as the floods that hit southeastern Spain on October 29
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Growth Factors and Current Challenges
In the third quarter of 2023, the Spanish economy registered growth of 0.8%, mainly supported by household consumption and exports. However, for the fourth quarter, the forecasts indicate growth of between 0.6% and 0.7%, slightly below initial expectations. The Bank of Spain has highlighted the uncertainty regarding the economic impact of the recent floods, estimated at around 0.2 percentage points of GDP. This factor could influence economic dynamics in the short term, but it does not seem to compromise long-term prospects
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Future Prospects and Economic Stability
Looking to the future, the forecasts for 2025 have been raised to 2.5%, an increase of 0.3 percentage points compared to previous estimates. For 2026, stable growth is expected at 1.9%, while in 2027 a slight slowdown is expected, with an expected growth of 1.7%. These data suggest that, despite the current challenges, the Spanish economy is on track for a sustainable and lasting recovery, supported by solid domestic demand and an increase in exports
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