Publications

Here are all of our publications listed chronologically. You can also find the publications relating to single geography under “Publications by geography” or narrow down your search using the “Advanced filter”.

Latest publications on National Accounts

Spain | GDP exceeds expectations with growth of 0.8% q/q in 2Q2025

26 September 2025

The economy experienced a stronger-than-expected recovery in the second quarter of 2025, with quarterly growth of 0.8%, driven mainly by domestic demand. This performance, combined with statistical revisions, skews growth expectations for 2025.

Spain | GDP meets expectations with a 0.7% q/q growth in 2Q25

29 July 2025

The economy regained traction in line with expectations in 2Q25 (0.7% q/q) due mainly to the boost from private consumption and investment. The growth was accompanied by higher employment and effective hours worked, although mixed signals were observed in productivity.

Spain | GDP grew by 0.6% q/q in Q1 2025, below expectations.

29 April 2025

The economy slowed and grew less than expected in Q1 2025 (0.6% q/q), mainly due to sluggish consumption and weaker-than-estimated investment momentum. Growth was accompanied by higher employment, although with fewer hours worked and mixed signals on productivity.

Spain | GDP grew by 0.8% QoQ in 4Q24, ending 2024 with an increase of 3.2%

26 March 2025

Activity grew again by 0.8% QoQ in 4Q24, driven by domestic demand despite sluggish external demand. GDP growth was supported by increased hours worked, as productivity declined. Overall, GDP grew by 3.2% in 2024, and BBVA Research forecast growth of around 2.8% for 2025.

Spain | GDP grew by 0.8% q/q in 4Q24, closing 2024 with a 3.2% expansion

29 January 2025

Activity grew again by 0.8% q/q in 4Q24, driven by domestic demand despite weak net external demand. GDP growth was supported by an increase in hours worked, as productivity declined. Overall, GDP expanded by 3.2% in 2024, exceeding forecasts.

Spain | GDP grew 0.8% q/q in 3Q24, same as in 2Q24.

23 December 2024

Activity returned to strong growth in the third quarter (0.8% YoY), driven by domestic demand. Consumption offset the sluggishness of investment and net external demand, which made a negative contribution to growth. GDP growth was driven by productivity, as hours worked grew by only 0.2%.

Spain | GDP would have grown by 0.8% QoQ in Q3 2024, the same as in Q2 2024

30 October 2024

Economic activity grew strongly again in the third quarter (0.8% QoQ), driven by domestic demand. Consumption would have offset the sluggishness in investment. The contribution of net external demand was slightly negative. GDP growth was due to higher productivity, as hours worked increased by 0.2%.

Spain | GDP grew 0.6% q/q in 4Q23 and closed 2023 with an expansion of 2.5%

30 January 2024

Activity grew strongly in 4Q23 (0.6% q/q), despite the fall in most investment components. The improvement in activity is entirely attributable to the increase in employment, as productivity fell. All in all, GDP grew by 2.5% in 2023, slightly exceeding expectations.

Spain | GDP grew 0.3% q/q in 3Q23, slightly more than expected

27 October 2023

The economy slowed down in 3Q23 (to 0.3% quarter-on-quarter) due to sluggish external demand and despite the good performance of most domestic demand. The advance in activity occurred in a context marked by a marginal increase in both hours worked and productivity per hour.

Big Data techniques used

Spain | National Accounts in a World of Naturally Occurring Data

19 October 2023

Presentation for the Conference on Real-Time Data Analysis, Methods, and Applications hosted by Bank of Spain. We apply National accounting principles to obtain real-time, high-frequency Big Data consumption indicators with many applications.

Flash España: Contabilidad Nacional Trimestral del T422

24 March 2023

La economía creció el 0,2% t/t mostrando una composición atípica de la demanda en la que las principales partidas cayeron con fuerza y se dio un intenso proceso de sustitución de importaciones. En este contexto, las horas trabajadas disminuyeron (-0,1% t/t) y la productividad por hora aumentó (0,3% t/t).

Spain | GDP grew 0,1% q/q in 3Q22, despite headwinds

23 December 2022

The economy slowed somewhat less than expected (to 0,1% q/q), largely due to the resilience of private consumption and exports, as well as to a smaller-than-expected deterioration in investment. In this context, total hours worked declined marginally and hourly productivity increased.

Individual publications may only be downloaded for technical reasons to allow a more complete, rigorous and individual reading of the publications. In this regard, only a brief summary, mention or reference to the publications is permitted and only when all the following conditions are met: (i) it is not for commercial purposes (not even indirect commercial use, e.g. to attract advertising to your website); (ii) a statement is included that BBVA Research is the author and owner; and (iii) a precise and complete link to the URL where the publication is available is included on this website. +info