The INE revised Spain’s 2024 GDP growth rate to 3.5%, up from 3.2% originally. At the same time, the stats office also revised down the 2023 growth rate to 2.5%, down from 2.7% previously, with a minor bump to the 2022 figure to 6.4% – previously 6.2%.

Amid the struggles in Germany and France, Spain was one of the bright spots in the euro area last year. The German economy was plagued by the manufacturing recession while the French economy failed to spark domestic demand conditions and was only salvaged by the Olympic games boost.