Spain's Economic Resurgence

Spain's economy has shown remarkable growth, with a projected GDP increase of 3% for 2024, marking a significant turnaround. This resurgence is primarily fueled by a record influx of tourists, with nearly 95 million visitors expected by the end of the year, contributing over 128 billion euros to the economy—an increase of 17% from the previous year. The rebound in tourism, following the COVID-19 pandemic, has driven pent-up consumer demand for travel, reflecting a positive recovery trend. However, underlying challenges persist, including a structural unemployment issue and low wage levels, which continue to affect the overall purchasing power of the Spanish population despite the impressive macroeconomic performance.