Spain’s economy has been expanding at 3% annually since late 2023, outpacing major European nations like Germany, France, and Italy.
While tourism and European recovery funds play a key role, JP Morgan identifies an unexpected driver: the rapid integration of Latin American immigrants.
Immigration fuels economic growth
Spain’s shared language and cultural ties with Latin America ease migrant integration. This has bolstered the workforce, filling gaps in sectors such as tourism, technology, and services. Between 2022 and 2024, nearly 750,000 migrants arrived, primarily from Colombia, Peru, and Venezuela.
Increased employment and skilled workforce
Migrants bring essential skills and a strong work ethic, aligning with Spain’s labour market needs. Many are highly educated, driving demand for skilled jobs and boosting employment in technical and service sectors.
Tourism as an economic pillar
Tourism remains a major contributor to Spain’s economy. In 2024, foreign visitor numbers grew by 8%, surpassing pre-pandemic levels. Other service exports, including consultancy, finance, and IT, have also strengthened Spain’s global market position.
A positive economic outlook
Spain’s economy is set to maintain its momentum. With an ageing population, ongoing migration is crucial to sustaining workforce levels. Lower energy costs also provide a competitive edge. While fiscal challenges remain, Spain is well-positioned for continued economic growth—largely thanks to Latin American migrants.
Also read: Almost a quarter of Spain´s population is of foreign origin