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Spain: 2024 Article IV Consultation-Press Release; and Staff Report

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  • International Monetary Fund

Abstract

The Article IV Consultation discusses that with a growth rate of 2.5 percent in 2023 and continued solid activity momentum, the Spanish economy has demonstrated remarkable resilience to elevated global uncertainty and tighter financial conditions. Robust services export performance and public consumption have been the main drivers of recent growth. Spain’s banking system has shown resilience. Strong economic and labor market performance and deleveraging have helped the private sector cushion the impact from rising interest rates, although pockets of vulnerability remain. Growth is projected to reach 2.4 percent in 2024 and 2.1 percent in 2025, driven primarily by stronger domestic demand growth. Private consumption is expected to strengthen as the household saving rate normalizes gradually and real wage income continues to increase steadily. Uncertainty surrounding the outlook has become more balanced, but risks remain tilted to the downside for growth and to the upside for inflation.

Suggested Citation

  • International Monetary Fund, 2024. "Spain: 2024 Article IV Consultation-Press Release; and Staff Report," IMF Staff Country Reports 2024/152, International Monetary Fund.
    • Handle: RePEc:imf:imfscr:2024/152
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