España Economy

Economic growth:

The economy recorded average annual growth of 1.1% in the decade to 2022. To read more about GDP growth in Spain, go to our dedicated page.

Fiscal policy:

Spain's fiscal deficit averaged 5.9% of GDP in the decade to 2022. Find out more on our dedicated page.

Unemployment:

The unemployment rate averaged 18.8% in the decade to 2022. For more information on Spain's unemployment click here.

Inflation:

Inflation averaged 1.7% in the decade to 2022. Go to our Spain inflation page for extra insight.

Monetary Policy:

Euro Area monetary policy rate ended 2022 at 2.50%, up from 0.75% a decade earlier. See our Spain monetary policy page for additional details.

Exchange Rate:

From end-2012 to end-2022 the euro weakened by 18.2% vs the U.S. dollar. For more info on the euro, click here.

Sequential GDP growth cooled slightly in Q3 from Q2, restrained by shrinking fixed investment and exports. In Q4, momentum was likely restrained by higher interest rates and subdued external demand due to a weak Eurozone economy. Looking at available data, the manufacturing PMI moved further into contractionary territory in Q4 from Q3. That said, a resilient labor market likely supported consumer spending, while robust public spending and restocking should have also underpinned activity. Meanwhile, in early January, Parliament approved a package of measures aimed at helping households cope with the high cost of living. These range from subsidies for public transport to an extension of the reduction of VAT for energy bills. That said, Parliament rejected a government measure on unemployment benefits, underlining the fragility of the government’s parliamentary backing.

Projections out to 2033.

53 indicators covered including both annual and quarterly frequencies.

Consensus Forecasts based on a panel of 45 expert analysts.

Want to get insight on the economic outlook for Spain in the coming years? FocusEconomics collects projections out to 2033 on 53 economic indicators for Spain from a panel of 45 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts, and averaged to provide one Consensus Forecast you can rely on for each indicator. This means you avoid the risk of relying on out of date, biased or outlier forecasts. Our Consensus Forecasts can be visualized in whichever way best suits your needs, including via interactive online dashboards , direct data delivery and executive-style reports which combine analysts' projections with timely written analysis from our in-house team of economists on the latest developments in the Spain economy. To download a sample report on the Spain's economy, click here . To get in touch with our team for more information, fill in the form at the bottom of this page .