GDP reading: GDP contracted by 0.1% month-on-month in April 2026, in line with expectations, following a 0.3% expansion in March....
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 | 1,687 |
| Economic Growth (Nominal GDP, ann. var. %) | 9.4 | 11.4 | 8.9 | 6.4 | 5.8 |
Economic growth slows in the first quarter of 2026
GDP reading: Spain's GDP expanded 0.6% on a seasonally adjusted quarter-on-quarter basis in Q1, following a 0.8% expansion in the previous quarter. Momentum slowed amid an increasingly hostile international environment.
Drivers: Compared to the previous quarter's data, figures in Q1 worsened for private consumption (+0.6% on a seasonally adjusted quarter-on-quarter basis vs +0.9% in Q4), fixed investment (+0.4% vs +2.1% in Q4), exports of goods and services (-0.5% vs +0.7% in Q4) and imports of goods and services (-1.2% vs +1.2% in Q4). Finally, the variation in government consumption was the same as in the prior quarter (+0.2% in Q1 and Q4). Slowing private consumption reflected rising inflation and increased household caution as the global economic outlook worsened. In seasonally adjusted year-on-year terms, the economy increased 2.7% in Q1, following 2.6% growth in the previous 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 49 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.
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