The Spanish economy is experiencing positive growth, with a GDP of 0.7% at the beginning of the year, which is more than double the European average. The growth is largely driven by the foreign sector, accounting for almost 70% of the expansion. This is thanks to increased service exports and decreased imports. The remaining 30% comes from domestic demand, with rebounding investments and stable family consumption.
However, despite these positive indicators, there are concerns about whether Spain can sustain this balanced growth cycle in the long run. While factors such as international competitiveness, access to energy, supply chain optimization, and immigration have helped strengthen the economy, challenges such as the energy crisis and geopolitical tensions could have unforeseen impacts.
Currently, consumer preferences are shifting towards services over goods due to changes in relative prices. This has positively impacted the services sector but has led to a decline in industry and construction. It is expected that imports will recover as consumer preferences change back towards goods.
Moving forward, maintaining this expansionary cycle will depend on continued investment in strategic areas that promote structural advances in production models. Investment has shown growth in certain sectors but remains below pre-pandemic levels in others. Therefore, it is crucial for continued strategic investment to drive sustainable growth and convergence with Europe.
In conclusion, while Spain’s economy shows positive signs of growth at present, there are still challenges ahead that need to be addressed if it is to continue growing sustainably in the future.