The Spanish economy promoted five tenths more than in 2023, driven by consumption and investments. In the fourth quarter, the year on year GDP grew by 3.5 %, while employment increased by 2.3 %.
The Spanish economy closed 2024 with a growth of 3.2 %, 0.5 points above the progress that was recorded in 2023, mainly as a result of the impulse of national consumption and investments, against a weaker external demand, according to the data that Wednesday have been published by the National Statistics Institute (Ine).
National question (consumption and investments) contributed to annual growth by 2.8 percentage points, while external demand (export and import) contributed 0.6 points.
The gross domestic product (GDP) at the current prices increased by 6.3 % in 2024 and reached a new maximum of 1593 billion euros, 94 812 million more than in 2023.
The Ministry of Economy has appreciated that growth has been balanced, with a positive contribution from both national and external demand, and that Spain continues to lead to growth in the euro zone, with a GDP increase of four times.
Household consumption grew by 2.8 % in 2024, 1.1 points more than a year earlier, while the final consumption costs of public administrations moderated their progress at 4.9 % (5.2 % in 2023).
The investment rose by 2.3 %, two tenths more than the previous year.
On the supply side, agriculture was the economic sector that grew most in 2024 (8.5 %), followed by the service sector (3.8 %), industry (2.9 %) and construction (1, 9 %).
The economy continues at 0.8 % in the fourth quarter, only in the fourth quarter of 2024 the economy continued 0.8 % as a result of the thrust of household consumption and the rebound in company investments.
It is the same rate as it is registered in the third quarter and in the second, while the growth of the first quarter has been assessed to 1 %.
Source: EITB
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