Spain among OECD fastest growing, behind Costa Rica and Mexico

The Spanish economy grew the most in 2023 of all but two of the OECD, the group of more developed open-market countries. The increase for Spain of 2.5% was only surpassed by Costa Rica (5.1%) and Mexico (3.1%), according to quarterly GDP data published on Wednesday this week.

The figure of 2.5% is five times the average for the eurozone, which in 2023 avoided the feared recession but only advanced by 0.5%. It is also one point above the average of the 38 countries that make up the OECD (Organisation for Economic Co-operation and Development).

Spain therefore saw the same level of growth as the United States, although in the last quarter of the year the US economy grew by 0.8% and the Spanish economy by 0.6%, still above forecasts. This is above the OECD average in the fourth quarter (0.4%) and well above the stagnation of the eurozone (0%).

The OECD is predicting the Spanish economy will grow by 1.5% in 2024, one point less than in 2023 but three times the average for the eurozone, which will remain at a cautious 0.5%.

By 2025 the OECD calculates Spain will grow by 2%, doubling again the eurozone and countries such as Germany and France, which will not exceed 1%.

In the case of Spain, the level of GDP is already 2.9% above the pre-pandemic figure.