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Spain, among the eurozone countries with the highest GDP growth

by AI | 30.Jul 2024 | Europe in brief AI

Spain’s GDP grows by 0.8% in the second quarter of the year compared to the previous three months, one of the largest increases among member states.

Spain's GDP 30/7/2024. Photo: EP Data

Madrid  –  The gross domestic product (GDP) of the eurozone grew by 0.3% in the second quarter compared to the previous three months, when the region’s economy also expanded by three-tenths, according to the preliminary reading of the data published by Eurostat, which places Spain among the countries recording the highest growth (+0.8%).

In the European Union (EU) as a whole, GDP recorded an expansion of 0.3% in the second quarter, also in line with the growth of the first three months of the year.

Compared to the same quarter of the previous year, seasonally adjusted GDP increased by 0.6% in the euro area and 0.7% in the EU in the second quarter of 2024, after 0.5% in the euro area and 0.6% in the EU in the previous quarter.

Among the member states for which data is available for the second quarter, Ireland (+1.2%) registered the largest increase compared to the previous quarter, followed by Lithuania (+0.9%) and Spain (+0.8%).

On the other hand, the largest declines were recorded in Latvia (-1.1%), Sweden (-0.8%) and Hungary (-0.2%). Year-on-year growth rates were positive for eight countries and negative for three.   

Similarly, the advance of National Accounts data published this Tuesday by the National Institute of Statistics (INE) of Spain confirms that the Spanish economy grew by 0.8% in the second quarter of the year, the same as in the previous quarter, and accelerated its year-on-year growth by three-tenths to 2.9%.

With the year-on-year increase in the second quarter, the highest since the first quarter of last year, the Spanish economy has accumulated 13 consecutive quarters of year-on-year growth. Meanwhile, the quarterly growth of 0.8% was primarily based on the external sector, which accounted for five of the eight-tenths.

The Spanish Ministry of Economy, Trade and Business has highlighted that the GDP advance figure “certifies the strong dynamism of the Spanish economy.”

After learning about the INE data, the President of the Government of Spain, Pedro Sánchez, celebrated that the Spanish economy “grows strongly” and noted that “the Government’s measures are working.” 

“We continue to improve the economy of families and businesses. We are on the right track,” highlighted the Spanish Prime Minister in a message on the social network ‘X’, collected by Europa Press. (July 30)