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Employment rose 0.9% QoQ (SA), four tenths faster than in Q3. Hours worked and participation increased, while unemployment fell to 10.2% (SA). In 2025, 567,200 jobs were created (2.6%) and the jobless rate declined to 10.5%.

The Recovery, Transformation, and Resilience Plan is entering its final stretch with an undeniable challenge: it is time to turn commitments into executed projects.

Between 2025 and 2027, regional growth will increasingly rely on domestic demand. In 2025, service-oriented regions stand out; in 2026, consumption and investment will gain prominence, and in 2027, industry and exports in the northern regions will become more relevant.

The economy is showing a growth pattern similar to that of the years prior to the global financial crisis, driven by the same combination of factors. The risk—just as back then, and without necessarily leading to the same outcome—is that this model could generate imbalances if it is not accompanied by structural reforms.

Regional convergence in per capita income in Spain had advanced for decades but stalled since the Global Financial Crisis. The halt in productivity convergence and its growing correlation with employment and participation explain the persistence of territorial inequalities.

In December, Social Security affiliation increased by 19,200 people and unemployment fell by 16,300. After seasonal adjustment (SA), the number of contributors is estimated to have risen by 31,000, and the number of unemployed declined by 7,000. Overall, 2025 ended with 487,300 more affiliates and 155,000 fewer unemployed

The share of goods exports in Spain’s GDP has declined since the pandemic, while tourism and other exportable services have gained prominence. The challenge is to harness this potential without undermining industrial competitiveness, by anchoring it in productivity, investment, and human capital.