Why is Spain’s economy booming? Thanks to migration – which proves xenophobia doesn’t pay | María Ramírez
With Spanish GDP growth leading Europe last year, diversity is making us richer – not only financially but culturally, too
The world’s fastest growing major advanced economy last year was most likely Spain. According to preliminary official data for 2024, Spain’s GDP grew by 3.2%, almost five times the eurozone average and more than the US, which did pretty well too. In December, the Economist ranked Spain first among 37 mostly wealthy countries based on five indicators: GDP, stock market performance, core inflation, unemployment and government deficits. Forecasts for 2025 look good.
Why is Spain doing so well? One key reason is immigration. Recent population flows, particularly but not only from Colombia, Venezuela and other Latin American countries, as well as Morocco, have boosted domestic demand and rejuvenated the workforce. According to the main labour national survey, nearly 90% of new jobs were filled by workers of foreign origin or dual nationality. Unemployment is at its lowest level since 2007.
María Ramírez is a journalist and deputy managing editor of elDiario.es, a news outlet in Spain
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