The International Monetary Fund (IMF) revised its previous forecast of a 2.6% growth in the Spanish economy this year to 'at least' 3.1%.
The revised figure reflects a period of strong consumption, investment and exports in Spain that has helped sustain a smooth economic recovery for the country.
The world banking institution predicts that Spain's gross domestic product will surpass pre-crisis levels in the second quarter of this year, growing more than 3.1% if the momentum from recent reforms accelerates at the expected pace.
Reforms include a restructured banking sector and adjusted labor laws that were put in place several years ago in an attempt to boost growth when Spain plunged into a recession shortly after the property bubble burst in 2008.
Along with the adjusted figure, the IMF called on Spanish authorities to capitalise on this period of robust economic growth by focusing on reducing public debt, which remains at a high 100% of GDP.
The report also reinforced the need to address youth and long-term unemployment rates, which are also still among the highest in Europe, because many roles remain temporary or part-time.
Nevertheless, thousands of new jobs are being created as the economy heals and Spain continues on a steady trajectory towards a full recovery with plenty of lucrative investment opportunities on offer.