Spain | GDP grew 0.8% q/q in Q4 and ended 2025 with a 2.8% expansion

Summary

Economic activity grew again in 4Q25 (0.8% q/q), driven by domestic demand and despite the drag from net external demand. GDP growth was supported by an increase in hours worked, as productivity per hour fell. Overall, GDP grew by 2.8% in 2025.

Key points

• Key points:
• The economy grew more than expected in 4Q25.
• Revision of accounting series and upside bias for 2026.
• Domestic demand accounted for all of the growth.
• The upside surprise in private demand was concentrated in investment.
• More hours worked and more people employed, with mixed productivity signals.

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