The Economist Names Spain Best Economy of 2024
January 16, 2025 · Spain · 8 min read
The Economist has named Spain best economy of 2024, placing it first in its annual ranking of 37 economies in the Organisation for Economic Co-operation and Development (OECD).
The Economist Names Spain Best Economy of 2024
A standout year for Spain’s economic performance
The Economist’s ranking is based on 5 key economic and financial indicators: GDP growth, stock market performance, inflation, unemployment, and the budget deficit. With standout results, Spain came out on top, reflecting a remarkable economic recovery.
- GDP growth: Spain recorded 3.5% growth in 2024, behind only Israel (6.7%) and Greece (3.7%). This was well above global growth and far ahead of major economies such as Germany, the United Kingdom, and Japan.
- A strong labor market: Spain’s unemployment rate fell by 0.7 percentage points to its lowest level in more than a decade. Job creation and steady immigration, a significant contributor to economic output, drove the improvement.
- Inflation control: Inflation was held at 2.4%, pointing to Spain’s ability to maintain price stability amid global uncertainty.
- Stock market: A 17.1% gain placed Spain 10th for stock market performance, reflecting strong investor confidence and the stability of its financial markets.
- Fiscal discipline: Despite ongoing challenges, Spain held its budget deficit to 0.6% of GDP, reflecting more prudent public finances than many other countries.
According to The Economist, Spain finished well ahead of other major economies in the ranking, including Canada (12th), the United States (20th), Germany (23rd), Japan (25th), France (26th), and the United Kingdom (31st). Countries long regarded as Europe’s economic powerhouses, such as the UK and Germany, delivered what the paper called underwhelming performances.
Alongside Spain, fellow Southern European economies Greece and Italy, as well as Ireland, proved remarkably resilient, ranking among the 5 best-performing economies in the survey. The Economist noted that these countries, once seen as symbols of the eurozone crisis, are now staging a strong comeback and earning a new place on the global economic map.
A stronger economy created attractive opportunities for investors seeking Spanish residency
Spain is a large country with strengths across the board, from its economy and education to healthcare, language, and culture. Its stable, steadily advancing economy also gave investors confidence in their plans to obtain European residency through the purchase of real estate in Spain under Spain’s Golden Visa program.
With a real estate investment of at least €500,000 (approximately US$560,000), investors and their families could obtain a Spanish residence permit under Spain’s Golden Visa program, with advantages that include:
- Visa-free travel within the 29-country Schengen Area, with stays of up to 90 days in any 180-day period in Schengen countries other than Spain.
- Access to healthcare, education, and social services in Spain, subject to the applicable eligibility rules.
- The option to apply for Spanish citizenship, and with it EU citizenship, once the eligibility requirements are met. Your family could then live freely in any EU member state. The Spanish passport also ranks near the top of global passport indexes, with visa-free access to more than 190 destinations.
At the time of writing, IMM Group was offering Spanish properties with rental income potential, such as commercial premises on long-term leases (for clinics, offices, and similar uses) and rental apartments, with yields that may compare favorably within the European market.
Although Spain had officially legislated to close its Golden Visa program, applications submitted before April 3, 2025 would still be reviewed under the rules then in force. At the time of writing, this meant investors interested in a Golden Visa had nearly 3 months to prepare and file their applications. Investors considering this route were therefore encouraged to act promptly to pursue European residency and Schengen travel for their whole family.
| Explore European residency by investment programs here.
If you are interested in Spain residency by investment programs, contact IMM Group or leave your details below. Our experienced advisors will provide detailed guidance and help assess your application’s prospects of success. We are committed to keeping your personal data confidential and will use the information you provide only to advise on your family’s application.
IMM Group
Was this article helpful?
00
