Spain | GDP grew 0.8% q/q in Q4 and closed 2025 with an increase of 2.8%.

Summary

Activity resumed growth in Q4 2025 (0.8% q/q), supported by domestic demand, despite a negative contribution from net external demand. GDP growth was underpinned by an increase in hours worked, as hourly productivity declined. Overall, GDP grew 2.8% in 2025.

Key points

• Key points:
• The economy grew more than expected in Q4 2025.
• Revision to the national accounts series and an upward bias for 2026.
• Domestic demand accounted for the entirety of the growth.
• Private demand delivered a broad-based upside surprise.
• More hours worked and higher employment, with mixed signals on productivity.

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