{
  "title": "Spain: 2024 Article IV Consultation-Press Release; and Staff Report",
  "publication": "IMF Staff Country Reports, June 6, 2024",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2024/06/06/spain-2024-article-iv-consultation-press-release-and-staff-report-549921",
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  "summary": "The Article IV Consultation discusses that with a growth rate of 2.5 percent in 2023 and continued solid activity momentum, the Spanish economy has demonstrated remarkable resilience to elevated global uncertainty and tighter financial conditions.",
  "sections": [
    {
      "heading": "Economic performance and drivers",
      "content": "- Growth rate of 2.5 percent in 2023, reflecting remarkable resilience to elevated global uncertainty and tighter financial conditions.\n- Robust services export performance and public consumption identified as the main drivers of recent growth.\n- Spain’s banking system has shown resilience."
    },
    {
      "heading": "Private sector and labor market",
      "content": "- Strong economic and labor market performance and deleveraging have helped the private sector cushion the impact from rising interest rates.\n- Pockets of vulnerability remain."
    },
    {
      "heading": "Projections",
      "content": "- Growth is projected to reach 2.4 percent in 2024.\n- Growth is projected to reach 2.1 percent in 2025.\n- Growth in 2024–25 is driven primarily by stronger domestic demand growth.\n- Private consumption is expected to strengthen as the household saving rate normalizes gradually and real wage income continues to increase steadily."
    },
    {
      "heading": "Risks and uncertainty",
      "content": "- Uncertainty surrounding the outlook has become more balanced.\n- Risks remain tilted to the downside for growth and to the upside for inflation.\n\n---\n\n Content in this bundle\n\n- 1espea2024001\n  - 1espea2024001 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - 1espea2024001 (PDF){rel=\"external\" type=\"application/pdf\"}"
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    "Published: June 6, 2024",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9798400277832.002",
    "Growth rate of 2.5 percent in 2023, reflecting remarkable resilience to elevated global uncertainty and tighter financial conditions.",
    "Robust services export performance and public consumption identified as the main drivers of recent growth.",
    "Spain’s banking system has shown resilience.",
    "Strong economic and labor market performance and deleveraging have helped the private sector cushion the impact from rising interest rates.",
    "Pockets of vulnerability remain.",
    "Growth is projected to reach 2.4 percent in 2024.",
    "Growth is projected to reach 2.1 percent in 2025.",
    "Growth in 2024–25 is driven primarily by stronger domestic demand growth.",
    "Private consumption is expected to strengthen as the household saving rate normalizes gradually and real wage income continues to increase steadily.",
    "Uncertainty surrounding the outlook has become more balanced.",
    "Risks remain tilted to the downside for growth and to the upside for inflation.",
    "**1espea2024001**"
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