INE cuts Spain's 2025 economic growth to 2.6% while raising 2024 GDP to 3.7%

Annual revisions for 2023 to 2025

The National Statistics Institute (INE) published its annual National Accounts review on 18 September 2026, adjusting economic performance figures across the 1995 to 2025 series. Real gross domestic product expanded by 2.6% in 2025, two tenths of a percentage point below the previous estimate of 2.8%. For 2024, the statistical agency upgraded volume growth by two tenths of a percentage point, from 3.5% to 3.7%. The economic growth rate for 2023 was adjusted downward by one tenth to 2.4%, a figure now registered as definitive. In nominal terms, Spain's 2025 GDP reached 1,690,012 million euros at current prices, representing a 0.2% increase of 2,860 million euros over initial calculations, primarily driven by updated real estate price indices.

Drivers of the 2025 slowdown

The moderation in 2025 economic growth was shaped by weaker contributions from both domestic and foreign demand. Domestic demand added 3.4 percentage points to GDP expansion, down from 3.5 points in prior estimates, while the negative contribution of external trade deepened from -0.7 to -0.8 points. Final consumption expenditure advanced by 2.9%, pulled down by household and non-profit consumption, which grew 3.1% compared to the earlier 3.4% calculation. Public administration consumption held steady at a 2.4% expansion rate. Total gross capital formation increased by 6.0%, though gross fixed capital formation stood at 5.4%, four tenths lower than previous readings due to higher price adjustments on housing assets. On the trade front, export growth decelerated to 2.6%, one percentage point below original projections, while import growth was revised to 5.5% from 6.2%.

Sectoral performance and income measures

Across economic sectors, agriculture, forestry, and fishing recorded the strongest performance in 2025 with an 11.9% expansion, followed by professional activities at 7.2% and construction at 6.0%. By contrast, the services sector as a whole slowed to 2.5% growth, restrained by a 2.6% advance in commerce, transport, and hospitality. Industrial activity registered near-stagnant growth of 0.6% during 2025, after having expanded by 5.6% alongside a 15.0% agricultural gain in 2024. In terms of national income, Spain's Gross National Income reached 1,693,738 million euros in 2025, reflecting a 6.2% increase relative to 2024 and standing 0.5% higher than initial calculations.

New administrative datasets and international backdrop

To compile the revised national accounts, INE incorporated data from the Household Budget Survey, Economic Accounts for Agriculture, public administration records, and foreign trade updates. For the first time in an advance annual calculation, the agency integrated administrative tax and registry records covering the accounts of approximately 1.35 million enterprises across all activity branches except agriculture and financial services. Researchers Miguel Artola and Francisco Melis noted that revisions incorporating tax agency registries and structural business statistics reflect underlying productivity gains alongside population growth. The economic trajectory unfolded alongside global trade friction linked to tariffs under US President Donald Trump and ongoing disruptions from Russia's invasion of Ukraine.