Qatar National Bank says Spain's economy leads euro area growth in 2024 and 2025

Qatar National Bank (QNB) reported that Spain's economy has transformed from a crisis casualty to a growth leader. Spain's GDP expanded by 3.2% in 2024 and 2.8% in 2025, far outpacing the euro area's growth of just over 1%. The report attributes this to labor-market reforms, a diversified export base, immigration of skilled workers, and investment in renewable energy. Unemployment fell to about 10%, less than half its 2013 peak. Challenges remain, including high public debt near 100% of GDP and high unemployment by European standards. Spain is expected to lead the euro area again in 2026.