In its latest “Focus of the month”, the Study Center of Confindustria analyzed the growth of the Spainamong the most surprising of the European Union countries. The Spanish GDP grew on average by 1.6% before the pandemic, at a double rhythm of the Italian one. The difference has increased after the Covid-19 pandemic.
In 2024 the Spanish growth quadrupled the Italian one, in all sectors. The country is becoming one industrial power Relevant, after years of difficulty, and could question Italy’s position in Europe.
The growth of Spain
Although it still has about 580 billion pil less than Italy, Spain is becoming one of the European economic powers. In 2023 his economy grew by 2.7% and in 2024 of 3.2%. Data that can be compared to Italian ones, especially in the last year, in which Italy has not managed to overcome a GDP increase of 0.7%.
All sectors grow in Spain, from primary toindustrywhich expanded by 2.7% in 2024, up to services. The tertiary sector in particular drags the economy, growing by almost 4%, but tourism is not among the most relevant factors. The professional and real estate services, dragged by construction, are much more important.
The result is that Spain, similar to Italy for debt public And economic and social fabric, it has a much stronger internal demand, which grows at 3%close to rhythms, such as investments. The economy of Madrid is approaching ours: the Spanish pil per capita is 35 thousand dollars, the Italian one of 39 thousand.
Because the energy in Spain costs so little
Among the main factors that give Spain a competitive advantage towards Italy is the cost of energy. If an electricity megawatt in our country costs about 100 euros, in Spain it costs it half.
An exemplified problem by Jean-Philippe Imparato, responsible for Europe of Stellantiswho said in a recent interview: “As regards energy to make a car in Spain costs us 516 euros, in Italy 1414 euros”.
These prices are the result of the investments of Spanish governments of the last 10 years in energy renewables. Wind, hydroelectric and sunny today represent 56% of Spanish energy production, against 41% of the Italian one. The electricity thus obtained is low -cost, even if it must be managed through storage systems that compensate for production drops.
The advantage of the Spanish government bonds
One of the factors that has allowed the Spanish government to make these investments in renewables is linked to government bonds. Historically, Italian BTPs and Spanish debt securities have had a very similar trend, given that both countries have a high public debt. However, Spain has recently reduced its debt, and in 2024 it has 100% of the GDP touchedfrom 105% of 2023.
On the contrary, Italy has continued to debt in recent years, worsening the situation of their public finances. Consequently, the new debt costs Italy much more than Spain costs. Today a Spanish ten -year good is listed on a yield of 3.2% approximately, a BTP instead at 3.6%.
