Spain | GDP grows by 0.7% in 2Q26 with strong domestic demand

In 2Q26, GDP grew by 0.7% q/q, one tenth above expectations, reinforcing the upward bias on the growth forecast for 2026. Domestic demand gained strength, driven by private consumption and investment. Employment maintained a solid advance, although productivity showed an uneven evolution.

Key points

• Key points:
• GDP growth grew in 2Q26 slightly more than expected.
• Upward bias in the BBVA Research scenario for 2026.
• Domestic demand sustains growth, and is revised upwards compared to the advance estimate.
• Consumption and investment surprise to the upside, while the external sector weakens.
• More employment, but without a clear improvement in productivity.

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