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Spain among OECD fastest growing, behind Costa Rica and Mexico

Spain among OECD fastest growing, behind Costa Rica and Mexico

The influential economic organisation of 38 countries is predicting a bright outlook for the Spanish economy in the next couple of years

Edurne Martínez


Saturday, 24 February 2024, 18:30


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.

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