Spain’s National Statistics Institute (INE) on Friday revised the country’s 2024 gross domestic product growth rate upward to 3.5% from an original 3.2% after computing final data.
INE also revised the 2023 annual GDP growth data down to 2.5% growth from a previous 2.7% and revised its 2022 data up to an expansion of 6.4% from a prior 6.2%.
The Spanish economy has consistently outpaced its euro zone peers in recent years.
On Tuesday, the government raised its 2025 growth forecast to 2.7% from 2.6%, considerably higher than Germany’s estimated 0.2% expansion and France’s 0.6% forecast.
Las week, S&P Global raised Spain’s long-term sovereign credit rating to “A+” from “A”, citing a private sector-driven improvement in the country’s external finances, supported by high savings and robust exports.
(Reporting by Joao Manuel Mauricio and Javi West Larrañaga, editing by Inti Landauro and David Latona)
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