Spain’s economy outpaces eurozone as Goldman Sachs reports stronger growth

Goldman Sachs Research says Spain is generating higher‑quality jobs and seeing faster productivity gains than other major EU economies. The bank projects Spain’s GDP to expand by 2.1% in 2024, compared with the euro‑area’s average of 0.7%, and highlights record low unemployment, a rise in high‑value sectors such as professional services, finance and technology, and a relative fiscal stability that could allow Spain to reduce its debt‑to‑GDP ratio.

Key drivers include a more open migration policy that eases labour shortages and the shift toward higher‑value employment. The report also points to risks: heavy reliance on tourism, which accounts for over 12% of output, and ongoing political uncertainty due to the lack of a new budget and upcoming elections.

Overall, Goldman Sachs describes Spain’s recent performance as a sign of “structural resilience” despite a volatile energy environment.