Spain | GDP grew by 0.6% q/q in 3Q25, despite the decline in exports

Summary

In the third quarter of 2025, the economy grew by 0.6% compared to the previous quarter. This growth was due to domestic demand, which managed to offset the decline in external demand. During this period, there was a significant increase in employment and a decrease in productivity.

Key points

• Key points:
• Economy grew less than expected in 3Q25.
• Review of accounting series 1Q25-2Q25.
• Domestic demand accounted for all of the growth.
• The fall in exports was mitigated by consumption and investment.
• More hours worked and more people employed, but with lower productivity.

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