Spain’s Economy Minister Carlos Cuerpo has forecast “stable and robust” economic growth for the country averaging over 2% annually through until 2027, likely surpassing its European counterparts.

“Spain will be the engine of growth in the EU not only in the short term, but also in the future,” he said to reporters. 

The country’s economy is on course to grow 2.4% in 2024, Reuters news agency reports, and 2.2% in 2025, on the back of robust data during the first half of the year, the Economy Minister stated previously.

Cuerpo also noted that tourism is thriving, and that Spain is also witnessing a gradual modernisation of its economy, with a rise in non-tourism exports. He also expressed optimism about an upcoming substantial decrease in the unemployment rate, predicting the creation of “over one million job opportunities” between 2024 and 2025.

“The Spanish economy will continue to grow at a fast pace,” he went on to add.

As a result, the budget deficit is expected to decrease to nearly 3% of GDP this year and continue to decline in the following years, according to Budget Minister Maria Jesus Montero, the Reuters report continues.

This will bring Spain’s debt-to-GDP ratio below 100% by 2027, with projections showing it gradually falling from 105.1% this year to 99.7% by 2027.

The government anticipates reducing the public deficit to 2.5% of GDP by 2025, with further declines expected in 2026 and 2027.

The Spanish government's optimistic outlook highlights confidence in the resilience of the national economy and its ability to tackle challenges while promoting sustainable growth, Mena FN reports.

As policy measures adapt to changing economic conditions, stakeholders will closely monitor developments to evaluate their impact on employment and overall economic stability in Spain.