Several months ago, specifically in December, The Economist He determined that Spain had been the best economy in the world in 2024. To reach this conclusion, the British newspaper valued the strong economic growth of the country, as well as other key factors such as the rise of the Spanish Stock Exchange in the last 12 months and the descent of unemployment. All this through a study, published on its website, explaining that part of this success was due to high levels of immigration, as they had helped increase the gross domestic product (GDP) of the country.
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Several months later, the British publication affects these ideas again in a new article in which it values the keys to Spanish economic revolution and its possibilities of continuing to grow in 2025: “The Spanish economy grew 3.2% last year, almost four times the average of the Eurozone, while the French expanded only moderately and the German contracted.” In this article, the British publication emphasizes that IBEX 35 rose 14.8% and that the tourism sector received a record figure of 94 million visitors in a country of 48 million inhabitants. ”
-Of cheap energy to immigration
All this to, then explain that the figures can be even better in a year in which up to 100 million visitors are expected, with all that this means: “Tourism contributes 13% of GDP directly and 20% indirectly, through the expense in restoration, transport and retail trade.” Tourism is becoming a main source for the Spanish economy and, in case this was not enough, many of the largest companies in Spain are thriving. In this article, Inditex’s success is valued and also of the good work of both BBVA and Banco Santander, two of the ten most important banks in Europe for stock capitalization.
On the other hand, it also highlights the role of Repsol and Iberdrola and that of other leading construction and infrastructure companies such as ACS Group, Actiona, Ferrovial and Grupo FCC. However, the publication indicates that the two great factors of the Spanish economic revolution are cheap electricity and immigration: “Twenty years ago, Spain imported 50% of its electricity. Today it has reached a high degree of self -sufficiency taking advantage of solar, wind and hydroelectric energy.” And in The Economist They point out that the best is yet to come: “reaching the objective of the Government of 80% by 2030 would mean an additional drop of around 20%. In ten years, about 90% of the electricity of Spain will supply from renewable sources.”
The Spanish Spain
Next, the importance of immigration in our country is highlighted: “In the last 12 years, the Spanish population has grown from about 46 million to 49 million. In the last six, the foreign workforce has increased by 1.2 million.” And high immigration levels are expected to continue, which undoubtedly favors the economic growth of the country.
Hence Spain is facing a great opportunity to continue growing in the coming years. However, it must carry out the occasional movement to grow in an organic way. According to the British publication, Spain must solve its problem with housing and boost both investment and productivity.
