Spain has been recognised as the best-performing economy among the 37 member countries of the Organisation for Economic Co-operation and Development (OECD) in 2024. British weekly magazine, The Economist based its analysis on five key metrics: GDP growth, inflation, equity returns, unemployment reduction, and budget balance.
Spain topped the list, followed by Ireland, Denmark, Greece, and Italy. Estonia ranked last, while other major economies such as Canada, the US, Germany, France, and the UK were placed 12th, 20th, 23rd, 26th, and 31st respectively.
Steady economic growth
Spain’s GDP is set to grow by more than 3% in 2024, The Economist reported. This expansion is underpinned by a robust labour market and high immigration levels, which are contributing to increased economic output.
Global context and trends
The US economy’s resilience has bolstered global growth, with Israel experiencing the highest GDP increase of 6.7%. Israel’s recovery followed a sharp economic downturn during the final quarter of 2023 due to conflict with Hamas. In contrast, Germany and Italy have faced challenges from high energy costs and weak manufacturing performance.
Declining unemployment
Spain has also recorded a notable reduction in unemployment. This is down by 0.7% between the fourth quarter of 2023 and the same period in 2024. This marks the lowest unemployment level in over a decade. The improvement is significant, particularly in southern Europe. Countries such as Greece, Italy, and Spain have seen unemployment rates reach decade-long lows.
Official response
Sources from Moncloa confirmed to Europa Press that Spain’s economic performance reflects near 3% GDP growth, reduced unemployment, and sound fiscal health. The report highlights the positive impact of immigration on Spain’s labour market and overall economic vitality.
President Pedro Sánchez posted on X (formerly Twitter) to acknowledge the recognition by The Economist: “Thank you to all the workers, companies and public administrations who, with their talent and effort, have made this possible. We are a formidable country and we have a great future ahead of us.”
https://x.com/sanchezcastejon/status/1866781910401200569
Also read: Why Fortune believes Spain´s economy is leading Europe