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.

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