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A Vibrant Economy
From Madrid to Barcelona, restaurants and bars are overflowing with people. The bustling street life reflects Spain's economic vitality. The Economist named Spain the world's best economy in 2024 - an achievement partly due to the unique approach to migration. "Spain must choose between becoming an open and prosperous country or a closed, poor country," declared Prime Minister Pedro Sánchez. His vision appears to be working: the Spanish economy grew by an impressive 3.2% last year, while other European countries lagged behind (Germany: -0.2%, France: 1.1%, Italy: 0.5%).

The Recipe for Success
According to Professor Javier Díaz-Giménez from the IESE Business School: "It has succeeded thanks to many tourists and many immigrants." A record number of 94 million tourists visited Spain last year. Thanks to high migration rates, Spain was able to reduce unemployment to its lowest level since 2008, with migrants filling crucial gaps in an aging labor market.

Impressive Figures
Of the 468,000 jobs created in Spain last year, approximately 409,000 were filled by migrants or people with dual nationality. Many of them come from Latin America, but also from Europe and Africa. According to an analysis by JPMorgan, immigration "contributed more than 20% to the income growth of nearly 3% of GDP per capita in the period 2022-2024." In 2022, the highest net migration in 10 years took place, with almost three-quarters of a million people.

Future Outlook
Studies confirm that migration is positive for productivity and per capita income in the long term. Jean-Christophe Dumont of the OECD emphasizes: "Migrants in all OECD countries contribute more to income tax and social security contributions than they receive in individual benefits". For Andalusia, this means a promising future. The region combines economic vitality with a beautiful climate, rich culture, and affordable cost of living - a perfect mix for second-home owners.

Source: The Guardian