Spain's economic outlook is brighter than previously thought, as the government prepares to approve an updated macroeconomic forecast.

The country's GDP growth for 2024 is now expected to rise to 2.7%, up from the earlier estimate of 2.4%.

This adjustment follows a revision by the National Statistics Institute (INE), which revealed that Spain's economy has been growing more robustly than anticipated.

The GDP for 2023 was also revised upwards to 2.7%, reflecting stronger public consumption and exports.

These positive changes are attributed to a vigorous post-pandemic recovery, with significant contributions from the external sector, particularly tourism, and a reduction in imports due to energy efficiency.

The government aims to leverage this growth to reduce the public deficit to 3% of GDP by 2024, with a long-term goal of 1.8% by 2027. Despite the optimistic economic indicators, challenges such as high living costs and housing shortages remain, prompting the government to focus on increasing housing supply in the coming months.