GDP reading: GDP stagnated on a seasonally adjusted month-on-month basis in January, following 0.1% growth in the prior month. January’s...
Economic Growth in Spain
Spain's economy recorded an average growth rate of 2.1% in the decade to 2024, compared to the 0.8% average for Euro Area. In 2024, real GDP growth was 3.2%. For more GDP information, visit our dedicated page.
Spain GDP Chart
Note: This chart displays Economic Growth (GDP, annual variation in %) for Spain from 2014 to 2025.
Source: Macrobond.
Spain GDP Data
| 2021 | 2022 | 2023 | 2024 | 2025 | |
|---|---|---|---|---|---|
| Economic Growth (GDP, ann. var. %) | 6.7 | 6.4 | 2.5 | 3.5 | 2.8 |
| GDP (EUR bn) | 1,235 | 1,376 | 1,498 | 1,594 | 1,686 |
| Economic Growth (Nominal GDP, ann. var. %) | 9.4 | 11.4 | 8.9 | 6.4 | 5.7 |
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.
Consensus Forecasts and Projections for the next ten years
How should you choose a forecaster if some are too optimistic while others are too pessimistic? FocusEconomics collects Spanish GDP projections for the next ten years from a panel of 53 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts and averaged to provide one Consensus Forecast you can rely on for each indicator. By averaging all forecasts, upside and downside forecasting errors tend to cancel each other out, leading to the most reliable GDP forecast available for Spanish GDP.
Download one of our sample reports to visualize what a Consensus Forecast is and see our Spanish GDP projections.
Want to get access to the full dataset of Spanish GDP forecasts? Send an email to info@focus-economics.com.
Latest Global GDP News
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United Kingdom: Economy stagnates in January -
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