Spain | GDP grew by 0.8% QoQ in 4Q24, ending 2024 with an increase of 3.2%

Summary

Activity grew again by 0.8% QoQ in 4Q24, driven by domestic demand despite sluggish external demand. GDP growth was supported by increased hours worked, as productivity declined. Overall, GDP grew by 3.2% in 2024, and BBVA Research forecast growth of around 2.8% for 2025.

Key points

• Key points:
• The economy maintained a solid growth pace during the fourth quarter of 2024.
• Domestic demand accounted for all of the growth.
• Private consumption and investment stood out.
• Weak performance of net external demand, despite robust non-resident consumption.
• GDP growth was supported by an increase in hours worked.

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