Spain’s economy showed strong growth in the first quarter of 2024, with the Gross Domestic Product (GDP) increasing by 0.7%. This surpassed expectations, as the Bank of Spain had forecast a 0.4% rebound and BBVA Research predicted between 0.3% and 0.5%. The interannual rate also showed a rebound of 2.4%, which was the highest figure in the past year.
The National Institute of Statistics (INE) revised data for the fourth quarter of last year slightly upward to 0.7%. President Pedro Sánchez and Minister of Economy Carlos Body both celebrated these positive economic figures, citing job creation and growth as key factors driving the Spanish economy forward. These strong performance indicators reflect the resilience of Spain’s economy in the face of global uncertainty.
Minister Body highlighted investment, household consumption, and exports as key drivers of Spain’s economic growth. The strong dynamism of Spain’s economy is evident in these positive indicators, demonstrating its ability to thrive even in challenging circumstances.
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Overall, the Spanish economy continues to show strength despite global uncertainty, with investment, household consumption, and exports serving as key drivers for continued growth throughout 2024.
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