Spain: Economic growth accelerates in the fourth quarter of 2025
GDP reading: Spain’s GDP increased 0.8% in seasonally adjusted quarter-on-quarter terms in Q4, following 0.6% growth in the previous quarter. Q4’s reading was the strongest since Q4 2024 and was above market expectations. As such, Spain remained the euro area’s fastest-growing large economy.
Drivers: Relative to the prior period’s data, figures in Q4 improved for exports of goods and services (+0.8% in seasonally adjusted quarter-on-quarter terms vs -0.7% in Q3) and imports of goods and services (+1.4% vs +1.3% in Q3). In contrast, the reading for government consumption softened in Q4 (+0.1% vs +1.3% in Q3). Finally, the variations in fixed investment and private consumption were the same as in the prior quarter (+2.2% and +1.0%, respectively).
In seasonally adjusted quarter-on-quarter terms, GDP increased 2.6% in Q4, following 2.7% growth in the prior quarter.