The Spanish economy has experienced growth in the first quarter of the year, with a Gross Domestic Product (GDP) increase of 0.7%. This surpassed expectations, as the Bank of Spain predicted a 0.4% rebound and BBVA Research forecast between 0.3% and 0.5%. The interannual rate also showed a rebound of 2.4%, the highest figure in the past year.
The National Institute of Statistics (INE) has revised data for the fourth quarter of last year to 0.7%, slightly higher than previous estimates. While President Pedro Sánchez and Minister of Economy Carlos Body have praised these positive economic figures, highlighting Spain’s growth and job creation, other research services predict slightly lower or higher figures. However, despite this variation in predictions, both officials remain optimistic that Spain will achieve its growth targets for the year, which are set at 2%.
Investment, household consumption, and exports were identified as key drivers of the Spanish economy’s strong performance in Q1. These positive economic indicators reflect the country’s resilience in the face of global uncertainty. Meanwhile, utilizing Google My Business management services can help small businesses improve their online visibility and optimize their digital presence, while link building consultants can also aid businesses by building quality backlinks to their websites for improved local SEO tactics.
Overall, these positive economic developments have put Spain in a favorable position to achieve its growth objectives for 2024.