Spain's economy grew by 0.8% quarter-on-quarter in Q4 2024, matching the growth rate of Q3 and surpassing the anticipated 0.6%, according to preliminary data.
Spain GDP growth beats expectations
Domestic demand contributed 1.2 percentage points to GDP growth, while external demand subtracted 0.4 points. Among the components of demand, household final consumption rose by 1.0%, government spending increased by 0.4%, and gross capital formation grew by 2.8%. Exports of goods and services edged up by 0.1%, while imports rose by 1.3%.
All major sectors experienced positive growth
On the supply side, all major sectors experienced positive growth, except for the primary sector. Industrial activity increased by 0.3%, driven by a 2.6% rise in construction and a 0.5% gain in manufacturing. Services grew by 0.9%, while the primary sector contracted by 0.7%. On a yearly basis, GDP expanded by 3.5%, matching Q3’s growth rate, which was the strongest since Q1 2023, and surpassing market expectations of 3.2%. For the full year 2024, Spain’s economy grew by 3.2%, outperforming other Eurozone nations.
