Spain's economy is on track to grow 2.4% this year and 2.2% in 2025, more than initially expected, following strong data during the first half of 2024, Economy Minister Carlos Cuerpo said on Sunday.
"Based on the good progress in the first six months of the year (...) we will upgrade our growth forecasts for 2024 and 2025," he was quoted as telling El Pais newspaper in an interview released on Sunday.
He mentioned strong unemployment, investment and tourism data.
The government had previously targeted growth of 2% this year and 1.9% in 2025, though Cuerpo said last month his team would likely raise the 2024 growth target to "close to 2.5%".
Spain's economy outperformed its main peers within the European Union in the first quarter with a faster-than-expected 0.8% growth rate, highlighting the strength of the eurozone's fourth-biggest economy.
As a result, Cuerpo said the budget deficit would fall to the equivalent to 3% of GDP this year and drop further next year, bringing down the country's debt-to-GDP ratio to below 100% by 2027.
(This story has been refiled to clarify that Economy Minister Carlos Cuerpo spoke on Sunday, not Monday, in paragraph 1)
