The rating agency S&P Global Ratings announced on Tuesday that it expects Spain to grow by 3.1% in 2024, nine-tenths higher than its June forecast and almost four times the 0.8% for the eurozone as a whole.
Additionally, Spain’s GDP is expected to advance at a rate of 2.5% in 2025, six-tenths higher, and at 2% in 2026 and 2027. This means that the last two figures remain unchanged, which are well above the euro area average.
The S&P report highlighted Spain’s trajectory in the post-pandemic recovery, having moved from being a country that was “lagging” to being “a pioneer” in it. Thus, the performance of the Spanish economy will continue to “exceed expectations.”
Spain will grow significantly above the other major countries analyzed, as Germany will enter recession this year with a -0.1%, will turn positive in 2025 with a 0.9%, and will accelerate to 1.1% in 2026 and 2027.
France will grow by 1.1% in 2024, will drop by a tenth next year to register 1%, and will rebound by two-tenths to 1.2% in 2026, before falling again to 1.1% in 2027.
After that, Italy will take an upward path, moving from 0.5% in 2024 to 0.9% in 2025 and to 1.1% in 2026, although it will record an improvement of 1% in 2027.
The GDP of the euro area is expected to expand by 0.8% in 2024, a tenth higher than in the previous S&P forecast. For the following years, the bloc would advance by 1.2% in 2025, two-tenths lower, 1.3% in 2026, and 1.2% in 2027, a tenth lower for these last two figures. These modifications are mainly due to the revision of past data.
S&P upgrades Spain’s 2024 growth forecast to 3.1%
