With Spanish GDP growth leading Europe last year, diversity is making us richer – not only financially but culturally, tooThe world’s fastest growing major advanced economy last year was most likely Spain. 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, which did pretty well too. In December, the Economist ranked Spain first among 37 mostly wealthy countries based on five indicators: GDP, stock market performance, core inflation, unemployment and government deficits. Forecasts for 2025 look good.Why is Spain doing so well? One key reason is immigration. Recent population flows, particularly but not only from Colombia, Venezuela and other Latin American countries, as well as Morocco, have boosted domestic demand and rejuvenated the workforce. According to the main labour national survey, nearly 90% of new jobs were filled by workers of foreign origin or dual nationality. Unemployment is at its low...
Spain's economy experienced robust growth in 2024, with a 3.2% GDP increase, outpacing the eurozone and the US. Immigration, particularly from Latin America and Morocco, has been a key driver, with foreign workers filling 90% of new jobs and contributing to lower unemployment. Other factors include a thriving tourism sector, EU recovery investments, expanding services and exports, tech growth, and renewable energy initiatives. Despite challenges like housing shortages and wage disparities, Spain serves as a model demonstrating migration's economic benefits. Potential future challenges include global trade issues and demographic shifts, but Spain's current approach highlights migration's positive impact.
