MADRID (Reuters) – Spain’s economy expanded a stronger-than-expected 3.2% in 2024, by far outperforming its euro zone peers’ sputtering economies, preliminary data from the National Statistics Institute showed on Wednesday.
Economy Minister Carlos Cuerpo said on Monday the government would raise its forecast for this year above the 2.4% following the release of the annual data, which was buoyed by a tourism boom as well as a strong agriculture industry and higher exports.
The country’s economy expanded 0.8% in the fourth quarter from the previous one, the same pace as three months ago. Analysts polled by Reuters had expected gross domestic product to grow 0.6% quarter-on-quarter.
The 2024 growth pace was faster than the 2.7% projected by the government and even the 3.1% predicted by the Central Bank.
“Spain keeps leading the euro zone growth, with a GDP increase four times higher than the euro zone as a whole,” Cuerpo said in a statement on Wednesday.
The strength of Spain’s economy contrasts with other large economies in the common currency area. In recent days, France and Germany have lowered their outlooks for this year to 0.9% and 0.3% respectively, while Italy expects a 1.2% growth.
(Reporting by Marta Serafinko, editing by Inti Landauro and Andrei Khalip)
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