Spain | GDP growth confirmed at 0.6% quarter-on-quarter in Q1 2026

Summary

Activity grew by 0.6% QoQ in Q1 2026, one-tenth of a percentage point less than forecast, and with a less favorable composition than expected: investment and goods exports surprised on the downside. The advance was driven by hourly productivity, despite the drop in hours worked.

Key points

• Key points:
• GDP growth slowed down in Q1 2026 slightly more than expected.
• No biases in the BBVA Research scenario for 2026.
• Domestic demand sustains growth, although with a lower contribution than in the previous quarter.
• Consumption and services exports hold up, while investment slows down and goods trade falls.
• More people employed but fewer hours worked, alongside mixed productivity signals.

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