Spain's Economy Grows While Import Dependence Triggers Reindustrialisation Push

Spain imported goods worth more than €430 billion in 2024, roughly 30 % of its GDP, including semiconductors from Taiwan, solar panels from China and active pharmaceutical ingredients from India and China. A new analysis identifies 20 product categories—such as photovoltaic panels, lithium‑ion batteries, pharmaceutical APIs and microchips—where domestic production could reduce this reliance, citing existing raw material deposits, skilled labor and industrial infrastructure.

At the same time, International Monetary Fund data show Spain’s aggregate GDP reaching $2.09 trillion, overtaking South Korea’s $1.93 trillion and moving Spain to the world’s twelfth‑largest economy. The surge is attributed to strong immigration, which lifted the population to nearly 50 million, and robust tourism that now accounts for about 13 % of GDP. Analysts warn that low productivity and infrastructure strain could limit the sustainability of this growth, underscoring the need for policies that bolster domestic manufacturing and innovation.