Spain GDP

Economic growth accelerates in the second quarter of 2026

GDP reading: Spain's GDP increased 0.7% on a seasonally adjusted quarter-on-quarter basis in Q2, following a 0.6% expansion in the previous quarter, coming in above market expectations. In seasonally adjusted year-on-year terms, GDP expanded 2.7% in Q2, stable from the previous quarter's reading.

Domestic demand the main driver: Relative to the prior period's data, figures in Q2 improved for private consumption (+0.7% on a seasonally adjusted quarter-on-quarter basis vs +0.6% in Q1), fixed investment (+0.4% vs +0.3% in Q1), exports of goods and services (+0.8% vs -0.6% in Q1) and imports of goods and services (+0.6% vs -0.9% in Q1). In contrast, the reading for government consumption worsened in Q2 (+0.3% vs +0.6% in Q1). Domestic demand remained the key engine of growth for the Spanish economy. The strong performance of the labor market and record-low unemployment figures sustained household spending. Fixed investment was underpinned by housing and other construction, and to a lesser extent, machinery and capital goods.

Panelist insight: Commenting on the reading and its implications for the full-year outlook, analysts at BBVA Research stated: “This rate marks a 0.1 percentage point acceleration from the previous quarter and beats BBVA Research's central scenario forecast by 0.1 points. […] If the economy maintains growth rates close to those observed recently over the coming quarters, the upward bias on annual growth estimates could expand, potentially reaching around 2.6% or 2.7% annually.”

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