## Spain: 2024 Article IV Consultation-Press Release; and Staff Report

_IMF Staff Country Reports, June 6, 2024_

## Source details

**Canonical URL:** [Spain: 2024 Article IV Consultation-Press Release; and Staff Report](https://www.imf.org/en/publications/cr/issues/2024/06/06/spain-2024-article-iv-consultation-press-release-and-staff-report-549921)

## Other formats

- [Markdown version](/en/publications/cr/issues/2024/06/06/spain-2024-article-iv-consultation-press-release-and-staff-report-549921/index.md)
- [Structured JSON version](/en/publications/cr/issues/2024/06/06/spain-2024-article-iv-consultation-press-release-and-staff-report-549921/index.json)
- [Bundle manifest](/en/publications/cr/issues/2024/06/06/spain-2024-article-iv-consultation-press-release-and-staff-report-549921/bundle-manifest.json)

## Bibliographic details
- Published: June 6, 2024
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9798400277832.002

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### Economic performance and drivers
- 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.

### Private sector and labor market
- Strong economic and labor market performance and deleveraging have helped the private sector cushion the impact from rising interest rates.
- Pockets of vulnerability remain.

### Projections
- 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.

### Risks and uncertainty
- Uncertainty surrounding the outlook has become more balanced.
- Risks remain tilted to the downside for growth and to the upside for inflation.

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## Content in this bundle

- **1espea2024001**
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_Source: https://www.imf.org/en/publications/cr/issues/2024/06/06/spain-2024-article-iv-consultation-press-release-and-staff-report-549921_