The countries of the Iberian Peninsula accounted for 50 percent of the economic growth of the European Union (EU), besides representing only 13 percent of the Eurozone GDP.

The economies of Spain and Portugal led GDP growth in the last quarter of 2024: Spain expanded by 0.8 percent and Portugal by 1.5 percent. Last year, the Spanish economy grew 3.5 percent, and Portugal 2.7 percent.

The growth of the Iberian economy may be explained for how service-oriented are both economies, consequently not being exposed to the weaknesses of the Eurozone industry. The recovering of the tourism sector, after the pandemic, has also helped the economy of the countries to grow.

The fact that the Iberian countries rely on renewable energies reduces the dependence on other countries like Russia, which supplies gas, mitigating the costs in energy.