Spain emerged as the fastest growing major advanced economy in 2023, with a GDP growth of 3.2%, surpassing both the eurozone average and the US. Its success is attributed to factors including a strong tourism sector, public investment from EU recovery funds, and robust immigration, which has rejuvenated the workforce. Government policies, particularly minimum wage increases, have also contributed to economic stability. Notably, nearly 90% of new job positions have been filled by immigrants, marking a significant demographic shift in cities like Madrid.
According to preliminary official data for 2024, Spain's GDP grew by 3.2%, almost five times the eurozone average and more than the US.
Recent population flows, particularly from Latin America and Morocco, have boosted domestic demand and rejuvenated the workforce, with nearly 90% of new jobs filled by foreign-born workers.
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