Spain GDP

Data GDP

Source: Instituto Nacional de Estadistica
Source Link: https://ine.es/
Frequency: Quarterly
Next Release(s): April 29th, 2026 3:00 AM

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Spain GDP: Q4 2025 (Final) 2026-03-26 03:00
Spain’s GDP grew +0.8% QoQ (vs +0.6% QoQ expected) and +2.6% YoY in Q4 2025, the strongest quarterly growth since Q4 2024.
- Quarter-on-quarter GDP accelerated to +0.8% QoQ from +0.6% QoQ in Q3, indicating stronger short-term economic expansion.
- Domestic demand contributed +1.0 ppt QoQ, supported by household consumption +1.0% QoQ, government consumption +0.1% QoQ, and gross capital formation +1.7% QoQ.
- External demand subtracted -0.2 ppt QoQ, as exports rose +0.8% QoQ but imports increased faster at +1.4% QoQ.
- On a YoY basis, GDP growth eased to +2.6% YoY from +2.7% YoY, with domestic demand contributing +3.6 ppts and foreign demand subtracting -1.0 ppt.
- Household consumption increased +3.3% YoY and public consumption rose +1.7% YoY, while gross capital formation slowed to +6.5% YoY from the prior quarter.
- By sector, construction expanded +2.1% QoQ and services grew +0.8% QoQ, while manufacturing rose only +0.1% QoQ, showing softer industrial momentum.
- For full-year 2025, GDP increased +2.8% YoY, with domestic demand contributing +3.6 ppts and external demand subtracting -0.8 ppts.
Source
Spain’s GDP growth in Q3 2025 was confirmed at +0.6% QoQ (down from +0.7% in Q2) and +2.8% YoY, showing slightly slower momentum with domestic demand leading growth.
- Domestic demand contributed +1.3 ppts QoQ and +3.8 ppts YoY, while external demand subtracted -0.7 ppts QoQ and -1.0 ppt YoY, indicating a continued drag from trade.
- Household consumption rose +1.1% QoQ and +3.2% YoY, while government consumption increased +1.3% QoQ and +1.7% YoY, supporting overall demand despite slower growth than earlier in the year.
- Gross capital formation increased +2.1% QoQ and accelerated to +8.0% YoY, marking stronger investment growth relative to Q2.
- Exports fell -0.6% QoQ but grew +3.3% YoY, while imports rose +1.3% QoQ and +6.8% YoY, reinforcing the negative net trade contribution.
- On the supply side, industry expanded +0.5% QoQ (+3.0% YoY), construction rose +1.3% QoQ (+6.9% YoY), and services grew +0.8% QoQ (+3.1% YoY); primary sectors declined -0.7% QoQ and -2.1% YoY.
- GDP at current prices increased +1.4% QoQ and +5.7% YoY, with the GDP deflator up +0.7% QoQ and +2.8% YoY, indicating moderate price growth.
- Hours worked increased +1.0% QoQ and +2.5% YoY, while full-time equivalent employment rose +1.0% QoQ and +3.3% YoY; productivity per job fell -0.6% YoY and productivity per hour rose +0.3% YoY.
Source
Spain’s GDP grew +0.6% QoQ in Q3 2025 (down from +0.8% in Q2) and +2.8% YoY, indicating slightly slower growth led by domestic demand.
- Domestic demand contributed +1.2 ppts QoQ and +3.7 ppts YoY, while external demand subtracted -0.6 ppts QoQ and -0.8 ppts YoY, continuing to weigh on overall growth.
- Household consumption rose +1.2% QoQ and +3.3% YoY, while public administration consumption increased +1.1% QoQ and +1.3% YoY, showing steady support from consumption.
- Gross fixed capital formation increased +1.7% QoQ and accelerated to +7.6% YoY, marking stronger investment growth than in the prior quarter.
- Exports fell -0.6% QoQ but rose +3.2% YoY, while imports increased +1.1% QoQ and +6.1% YoY, reinforcing the negative net trade contribution.
- On the supply side, industry grew +0.5% QoQ (+3.0% YoY), construction rose +0.8% QoQ (+6.1% YoY), and services increased +0.8% QoQ (+3.2% YoY); primary sector output declined -0.4% QoQ and -2.2% YoY.
- GDP at current prices rose +1.4% QoQ and +5.7% YoY, with the GDP deflator up +0.7% QoQ and +2.8% YoY, indicating moderate price pressures.
- Hours worked increased +1.0% QoQ and +2.5% YoY, while full-time equivalent employment rose +1.0% QoQ and +3.3% YoY; productivity per job fell -0.5% YoY and productivity per hour rose +0.3% YoY.
Source
Spain’s GDP grew 0.8% QoQ in Q2 2025 (revised up from initial estimate of 0.7% QoQ), while YoY growth eased slightly to 3.1% (revised up from initial estimate of 2.8% YoY), supported by domestic demand despite a drag from net trade.
- Domestic demand contributed +0.8 ppts QoQ and +3.5 ppts YoY, while foreign demand contributed 0.0 ppts QoQ and -0.5 ppts YoY.
- Household consumption rose +0.8% QoQ (+3.4% YoY), government consumption was up +0.1% QoQ (+2.0% YoY), and gross capital formation increased +1.8% QoQ (+5.8% YoY).
- Exports grew +1.3% QoQ (+4.2% YoY), slowing from Q1, while imports rose +1.6% QoQ (+6.1% YoY), widening the external drag.
- On the supply side, industry expanded +0.9% QoQ (+2.6% YoY), construction surged +2.3% QoQ (+4.0% YoY), and services grew +1.0% QoQ (+3.4% YoY); the primary sector contracted -6.4% QoQ but was flat YoY (+0.1%).
- Employment in full-time equivalent terms rose +0.8% QoQ and +3.5% YoY, while hours worked increased +0.3% QoQ and +1.3% YoY; productivity per job fell -0.4% YoY, but productivity per hour worked rose +1.7% YoY.
- GDP at current prices increased +1.2% QoQ and +5.6% YoY, with the GDP deflator up +0.4% QoQ and +2.4% YoY, showing moderate price growth.
- Compensation of employees rose +1.6% QoQ and +7.1% YoY, driven by both higher employment (+3.7% YoY) and wages (+3.3% YoY).
Source
Spain’s GDP rose 0.7% QoQ (vs 0.6% QoQ expected) and 2.8% YoY in Q2 2025, slightly above the 0.6% QoQ pace in Q1 and matching the prior year-on-year rate.
- Domestic demand contributed +0.9 ppts QoQ and +3.4 ppts YoY, while external demand subtracted -0.1 ppts QoQ and -0.6 ppts YoY.
- Household consumption rose 0.8% QoQ and 3.5% YoY; government consumption fell -0.1% QoQ and grew 1.8% YoY.
- Gross capital formation increased 2.1% QoQ and 5.3% YoY; exports rose 1.1% QoQ and 3.3% YoY; imports climbed 1.7% QoQ and 5.6% YoY.
- Construction (+1.5% QoQ, +2.9% YoY), services (+1.2% QoQ, +3.3% YoY), and industry (+0.8% QoQ, +2.2% YoY) all expanded; primary sector output dropped -9.5% QoQ and -1.3% YoY.
- GDP deflator rose 0.5% QoQ and 2.7% YoY; current price GDP grew 1.3% QoQ and 5.6% YoY.
- Employment (FTE jobs) rose 0.8% QoQ and 3.5% YoY; productivity per job was flat QoQ and down -0.7% YoY.
Source
Spain’s GDP growth was confirmed at 0.6% QoQ in Q1 2025, slightly below the 0.7% QoQ pace in Q4 2024, while YoY growth slowed to 2.8% from 3.3%.
- Domestic demand contributed 0.5 ppts to quarterly growth while foreign demand contributed just 0.1 ppts.
- Household consumption rose +0.6% QoQ and +3.7% YoY; government consumption fell -0.4% QoQ but rose +2.4% YoY.
- Gross capital formation increased +0.9% QoQ and +3.3% YoY; exports rose +1.7% QoQ (+2.7% YoY), while imports grew +1.6% QoQ (+4.4% YoY).
- On the supply side, industry grew +1.0% QoQ (+2.2% YoY), services +0.2% QoQ (+3.1% YoY), and construction +0.4% QoQ (+1.8% YoY); primary sector rebounded +8.2% QoQ (+6.6% YoY).
- Employment rose +2.9% YoY in full-time equivalent terms, while productivity per job declined -0.2% YoY; GDP deflator rose +2.3% YoY.
Source
Spain’s GDP grew 0.6% QoQ and 2.8% YoY in Q1 2025, slowing from 0.7% QoQ and 3.3% YoY in Q4 2024. The quarterly increase was the slowest since Q2 2023 and slightly below expectations of an 0.7% QoQ increase.
- Domestic demand contributed +0.4 ppts to quarterly growth, while external demand added +0.2 ppts.
- Household consumption rose 0.4% QoQ and 3.5% YoY, and gross capital formation increased 0.6% QoQ and 3.3% YoY.
- Government consumption saw a smaller increased of 0.2% QoQ.
- Exports grew 1.0% QoQ, while imports rose 0.7% QoQ which led to a positive contribution by net exports.
- Industry led the supply side with 1.1% QoQ; primary sector surged 7.1% QoQ (after falling -0.7% QoQ in Q4 2024).
- Construction and services both saw growth slow to 0.4% QoQ and 0.3% QoQ respectively.
- The GDP deflator grew by 2.3% YoY, similar to Q4 2024, and was up 0.6% QoQ.
- Employment (FTE jobs) rose 0.9% QoQ and 2.9% YoY; productivity per job fell -0.1% YoY and -0.4% QoQ.
Source
Spain’s GDP growth in Q4 2024 was confirmed at 0.8% QoQ, but the annual rate saw a slight downward revision from 3.5% to 3.4% YoY.
- Domestic demand contributed+1.2 ppts of growth, and external demand was a drag, making a -0.4 ppts contribution.
- Household consumption rose 1.0% QoQ, and government consumption increased by 0.3% QoQ.
- Gross capital formation surged 2.9% QoQ, reflecting strong investment activity.
- Exports grew by 0.1% QoQ, while imports rose faster at 1.4% QoQ.
- On the supply side, Construction led with 2.7% QoQ growth, while Services expanded 1.0% QoQ and Industry increased by 0.3% QoQ.
Source
Spanish real GDP grew 0.8% QoQ for the third straight quarter in Q4 2024, beating expectations of growth slowing to 0.6% QoQ. It is worth noting that a more exact measure of growth was 0.75% QoQ, so growth has slowed sequentially but to a miniscule extent. The annual increase in Spain’s GDP was 3.5% YoY, above expectations of a 3.2% YoY annual pace and above 2.7% in 2023.

Household final consumption was up 1.0% QoQ, and gross capital formation increased 2.8% QoQ. Government grew at a slower 0.4% QoQ pace. In total, domestic demand contributed 1.2 ppts to quarterly real GDP growth. External demand made a -0.4 ppts contribution as imports were up 1.3% QoQ, outpacing export growth of 0.1% QoQ. Economic weakness from its neighbors likely had a significant impact the limited export growth.

All major economic sectors made positive contributions to end the year. Industry grew 0.3% QoQ with manufacturing up 0.5% QoQ, after a slight -0.1% QoQ decline in the quarter before. Service sector growth remained strong at 0.9% QoQ, only slowing slightly from the 1.0% QoQ pace. The construction sector saw a major turnaround, surging 2.6% QoQ after a -1.6% QoQ decline in Q3.

Spanish productivity was strong in 2024. Spain saw full-time equivalent jobs increase 2.3% YoY over the course of the full year. As a result, productivity per full-time job was up 1.2% YoY in 2024. Although, in the final quarter of the year, productivity edged down -0.1% QoQ.

Source
Spanish GDP was confirmed at 0.8% QoQ in Q3 2024 though the annual increase saw a slight downward revision of -0.1 ppts to 3.3% YoY.

Household consumption grew 1.2% QoQ and government consumption increased 2.5% QoQ while gross capital formation fell -0.9% QoQ. Industry increased 0.2% QoQ while construction declined -1.5% QoQ. The strong services sector remains the growth engine, increasing 1.0% QoQ.

Source