The Spanish economy experienced growth in the first quarter of the year, with the Gross Domestic Product (GDP) increasing by 0.7%. This was better than expected, with the Bank of Spain forecasting a 0.4% rebound and BBVA Research predicting between 0.3% and 0.5%. Additionally, the interannual rate showed a rebound of 2.4%, which is the highest figure in over a year.
In addition to these positive economic indicators, the National Institute of Statistics (INE) revised data for the fourth quarter of last year slightly upwards to 0.7%. Despite this, other research services predict slightly lower or higher figures for growth in 2024.
Despite these differences in opinion, both President Pedro Sánchez and Minister of Economy Carlos Body have praised these positive economic figures and emphasized their importance for job creation and growth in Spain. They are optimistic that Spain will meet its growth objectives for 2024 due to strong performance in investment, household consumption, and exports.
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Overall, while there are differences in opinion on future economic growth projections for Spain, it is clear that the country has been performing well economically so far this year and has set itself up for continued success in meeting its goals moving forward.
