The European Union’s economic outlook has faced challenges as growth expectations were downgraded once again. The EU’s economic expansion has been slower than initially anticipated, with the European Commission forecasting modest growth rates in the coming years. In particular, the EU’s 2024 GDP growth is now projected to be around 1.3%, down from previous estimates. This revision is mainly due to persistent inflationary pressures, the ongoing impact of restrictive monetary policies, and cooling demand in key sectors like manufacturing and exports​
However, Spain stands out as a notable exception to this trend. The Spanish economy is projected to continue expanding robustly, with GDP growth expected to reach 3.0% in 2024. This strong performance is attributed to buoyant consumer spending, a thriving tourism sector, and ongoing job creation​
. Spain’s labor market remains dynamic, and its economy benefits from increased investment and favorable export conditions, particularly in the services sector. This growth, however, is expected to slow in the coming years, with projections of 2.3% in 2025 and 2.1% by 2026.
While the broader EU faces headwinds from global economic slowdowns and internal challenges, Spain’s resilience highlights the varying dynamics within the region. The country is benefiting from strong domestic consumption, a growing labor market, and significant contributions from tourism, providing a positive contrast to the more sluggish economic conditions in other EU nations.
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PRESS UPDATE