Spain | GDP grew by 0.8% q/q in 4Q24, closing 2024 with a 3.2% expansion

Summary

Activity grew again by 0.8% q/q in 4Q24, driven by domestic demand despite weak net external demand. GDP growth was supported by an increase in hours worked, as productivity declined. Overall, GDP expanded by 3.2% in 2024, exceeding forecasts.

Key points

• Key points:
• The economy maintained a strong growth pace in the fourth quarter.
• Domestic demand accounted for all of the growth.
• Private consumption and investment surprised to the upside.
• Weak performance of net external demand, weighed down by goods trade flows, despite non-resident consumption reaching a new record
• GDP growth was driven by an increase in hours worked.

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