Sustainable growth in the current context
The economy of Spain has recorded an increase of 3.2% in 2024 compared to the previous year, as the National Statistics Institute (INE) reveals. This figure coincides with the forecasts made at the end of January, which aimed at positive GDP behavior.
Internal and external demands: a detailed analysis
The domestic demand has been a key factor, providing 2.8 points to GDP growth, with an increase of 1.1 points compared to 2023. However, the foreign demand has contributed to only three tenths, a fall of seven compared to the previous year.
Quarterly data and recent evolution
Analyzing GDP for quarters, an increase of 0.8% is observed in the last three months of the year, which is similar to the third quarter. National demand provided 1.2 points to quarterly growth, while external demand experienced a decrease of four tenths.
Expenses and Investments: Trends to take into account
Homes have seen a 1% increase in their final consumption expenditure, while public administrations have contributed to three tenths growth. The gross capital formation showed a significant increase of 2.9%, reflecting a renewed interest in investments.
Behavior of exports and imports
In the foreign trade chapter, exports of goods and services increased by only 0.1%, a significant decrease of three tenths compared to the third quarter. Imports, however, experienced a growth of 1.4%, with an increase of four tenths of the previous period.
Sector: Analysis of economic branches
As for the offer, the data show that all the great sectors have had a positive performance, except for the primary branches. Industries have registered three tenths growth, with the manufacturing industry accelerating up to 0.5%. In contrast, the primary branches have fallen by 0.7%.
Interanual data and future perspectives
In the fourth quarter, the year -on -year variation of GDP was 3.4%, an increase of one tenth over the previous quarter. The domestic demand contributed with 3.6 points, while the foreign demand had a negative impact of -0.2 points.
The future of the Spanish economy
In short, the gross added value of industrial branches increased by 2.7%, with an increase of 3.7% in the manufacturing industry. However, construction and services have seen significant falls, with decreases of 2.6% and 3.8%, respectively. This situation presents a challenge for the Spanish economy, which will have to find ways to revitalize the affected sectors while maintaining growth in the most robust fields.
