Spain’s economic miracle
A resurgent tourism industry is just one of a number of engines driving Spain’s impressive growth
Once a laggard, the Southern European country, which was hammered during the eurozone crisis, has now become a leader.
The figures underline a remarkable reversal in economic fortunes for Spain, as well as other Southern European nations such as Greece and Portugal.
Spain welcomed 21.8m visitors over the summer, with so many people arriving that in parts it sparked anger from disgruntled locals.
Unemployment has fallen to its lowest level since the financial crisis and Spain’s borrowing costs are now lower than that of France.
Debt relative to GDP has fallen from 120.3pc in 2020 to 107.7pc last year
One reason for the strong headline figures is that Spain has successfully bounced back after its economy was rocked more than most by Covid
Telegraph 6 November 2024
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