Madrid, April 30, 2024 – The Spanish economy grew at a steady pace in the first quarter of 2024, exceeding analysts’ expectations. According to preliminary data from the National Statistics Institute (INE), gross domestic product (GDP) expanded by 0.7% compared to the previous quarter, confirming the growth rate from Q4 2023.
Economists had originally forecast a slowdown in growth to 0.4%, however, household final consumption rose by 0.3%, while gross capital formation strengthened by 1.3%. Exports and imports recorded growth of 2.4% and 1.1%, respectively.
All major sectors of the economy, including manufacturing, construction, and services, contributed to the positive GDP growth. In a year-on-year comparison, the Spanish economy accelerated to 2.4% in Q1, surpassing expectations of 1.9% growth.
This strong start to 2024 suggests that the Spanish economy is resilient to global challenges. Growth is expected to continue in the coming months, supported by domestic consumption and investment.
Sources: INE (https://www.ine.es/)
