Additionally, Spain’s economy expanded 1% in second quarter from the previous quarter, it’s fastest pace in eight years, and 3.1% on an annual basis, reports Maria Tadeo for Bloomberg.

Economists also believe household consumption and domestic demand are driving the Spanish economy.

“We expect the second quarter to be the strongest quarter for internal demand, and then moderate as the year progresses,” Jose Manuel Amor, partner at Analistas Financieros Internacionales, told Bloomberg. “At this point, Spain has all the elements to continue posting strong growth led by household consumption.”

The International Monetary Fund projects Spain’s economy will grow 3.1% this year.

Investors who are interested in Spain have a few more options. The iShares MSCI Spain Capped ETF (NYSEArca: EWP), the largest Spain-specific ETF, was up 1.6% year-to-date. Investors can also take a look at the recently launched iShares Currency Hedged MSCI Spain ETF (NYSEArca: HEWP), which covers the same holdings as EWP but also uses currency forwards to mitigate euro currency risks. Additionally, the SPDR MSCI Spain Quality Mix ETF (NYSEArca: QESP) selects Spanish stocks based on value, quality and low volatility.

For more information on the international markets, visit our global ETFs category.

Max Chen contributed to this article.