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18 September 2026

Annual National Accounts of Spain: Main aggregates

Statistical revision 2024. 2023-2025 Series

Main results

  • The Spanish Gross Domestic Product (GDP) increased in volume by 2.6% in 2025 compared with 2024, according to the preliminary estimates of the Annual National Accounts of Spain after the standard series review. This data shows a reduction of two tenths with respect to the preliminary release by the Quarterly National Accounts (QNAS) in March.
  • The growth of GDP in 2024 has been revised upwards by two tenths, to 3.7%. The figure for 2023 has been established as the definitive one, having been revised downward by one tenth, to 2.4%.
  • This update of the national accounts for the years 2023, 2024 and 2025 leads to an estimate of the annual Gross Domestic Product (GDP) at current prices of 1,693,738 million euros in 2025, which is 0.5% higher than the level initially estimated by the quarterly accounts of institutional sectors.

The estimates of the main annual aggregates of the Spanish Annual National Accounts published today are part of the regular cycle of revisions—for the last three years—according to the INE's standard annual revision policy of its accounts operations.

On this occasion, the INE has carried out the standard revision with greater detail on the information published in 2023 (final data) than in the provisional (2024) or preliminary (2025) data.

This process has been implemented in coordination with the Bank of Spain—for financial accounts and the international Balance of Payments and investment position statistics—and with the National Audit Office (IGAE) for the Public Administration accounts.

Along with the usual dissemination of the final estimates of the detailed accounting framework by products and branches of activity of the Source and Destination Tables of 2023 at the end of September, those with regard to the year 2024 will be disseminated provisionally in October, with which Spain will bring forward by one year the deadlines required by the Regulation of the European System of Accounts (ESA). Furthermore, the INE has made progress this year in updating the Inventory of Sources and Methods of GDP and GNI, which has been available since last April.

Taking all these considerations into account, the annual rate of change in GDP volume for 2023 has been revised downwards by one tenth of a percentage point, to 2.4%. The 2024 figure has been revised upwards by two tenths, to 3.7%. And the 2025 figure stands at 2.6%, two tenths below the one released last March.

Annual variation in the volume of GDP. 2021- 2025 series

Percentage

Meanwhile, the annual rates of change of GDP at current prices of the updated series have been revised down one tenth for 2023 (to 8.8%), up four tenths in 2024 (to 6.8%) and down one tenth in 2025, to 5.7%.

Annual variation of GDP at current prices. 2021-2025 series

Percentage

Year 2025

GDP recorded a volume growth of 2.6% in 2025. This preliminary estimate incorporates data from the 2025 Household Budget Survey (HBS), preliminary data from the Economic Accounts for Agriculture, updated data on foreign trade, Public Administration accounts and data from Non-Profit Institutions Serving Households (NPISHs).

Also included for the first time for the preliminary year report is the information available in the public administration accounting records of approximately 1,350,000 companies relating to 2025 for all branches of activity (except Agriculture and Financial Services).

As for the growth composition, there is now a lower estimated contribution from internal demand (3.4%, compared with 3.5% previously) and a lower contribution from external demand (-0.8%, compared with -0.7%).

Gross domestic product. Demand. 2025

Year-on-year variation rates in volume. Unit: percentage

(*) Contribution to GDP growth at market prices.

As regards domestic demand, the year-on-year change in the volume of Final consumption expenditure was revised to 2.9%, compared with the 3.1% previously estimated. And the figure for households and NPISHs has been revised down three tenths, to 3.1%, after including the HBS results and information from public administration records.

Conversely, the variation rate in the final consumption expenditure by Public Administrations remains unchanged at 2.4%, after including new data from public accounts and updating of its component deflators.

On the other hand, Gross capital formation stood at 6.0%, compared with the previous 5.8%. This is mainly due to the 73.0% growth in current terms of the change in inventories in 2025, in line with the increases recorded in other European countries such as Germany, France, Belgium or the EU-27 as a whole (109.7%).

Change in inventory plus acquisition of valuables. 2021-2025 series

Unit: EUR million 

The change in Gross fixed capital formation has been estimated at 5.4%, compared with the previous 5.8%, due to the upward revision of the housing asset price index.

With regard to external demand, and consistent with the revision of the Balance of Payments, the increase in the volume of exports slowed to 2.6%, compared with the 3.6% estimated in March. On the other hand, imports increased by 5.5%, compared with the previous 6.2%.

Gross domestic product. Supply. 2025

Year-on-year variation rates in volume. Unit: percentage

Regarding supply, the update for the year 2025 comes from the application of available statistical sources from business accounting public administration records. The main revisions have occurred in Agriculture - following the incorporation of the latest results from the Economic Accounts of Agriculture – and in Artistic and recreational activities and other services.

The implicit GDP deflator was revised to 2.9% from the previous estimate of 3.0%. Taking into account the combined effect of changes in volume and the deflator, year-on-year GDP variation at current prices stood at 5.7%, compared with the 5.8% previously estimated.

This brings the value of GDP at current prices for 2025 to 1,690,012 million euros, which is 2.86 billion more than initially estimated (a 0.2% increase).

Taking into account all the above and the updated estimate of income flows from the rest of the world, the Gross National Income of Spain stood at 1,693,738 million euros in 2025, 6.2% above the figure for 2024 and 0.5% above the estimated figure for March.

In terms of employment, the variation rate regarding the number of equivalent full-time jobs remains stable at 2.8%. On the other hand, worked hours rose by 2.0% (compared with the previous figure of 2.1%) and the employee compensation rate was 7.2% (same as previously estimated). Productivity – measured as the ratio between the rate of change in GDP volume and that of hours worked – grew by 0.6% for the economy as a whole, one tenth less than the preliminary estimate.

The revision of employment and income estimates can be explained primarily by the additional sources of information, such as the Annual Labour Cost Survey, and, to a lesser extent, by the use of a higher degree of disaggregation by activity.

The combined effect of GDP growth at current prices, employee compensation and net taxes on production and imports resulted in the variation rate for Gross Operating Surplus/Gross Mixed Income—which is obtained as a balance—grew some 3.4%, as opposed to the 3.6% estimated in the previous series.

Year 2024

The volume growth of GDP in 2024 compared with 2023 was estimated at 3.7%, compared with the 3.5% published in September of last year. The revisions for 2024—which goes from preliminary to provisional status— are primarily due to three factors:

  • The inclusion of information from structural statistics that provide data on reported production and intermediate consumption from various market branches, which was not available a year ago (such as Structural Business Statistics - which for the first time includes the Construction Industry Survey).
  • The incorporation of revised data from statistical sources (Balance of Payments, Public Administration Accounts, Economic Accounts of Agriculture, etc.).
  • Estimates and a resource-employment balancing process at a much more detailed degree than in the preliminary estimate. In this respect, the methodological improvement initiated since the 2024 Statistical Revision of bringing forward the balance by product of the provisional origin-destination table by means of the supply and demand approach has continued, adding as a new element this year the balance both at current prices and in terms of volume.
Gross domestic product. Demand. 2024

Year-on-year variation rates in volume. Unit: percentage 

(*) Contribution to GDP growth at market prices.

Thus, in 2024 Gross fixed capital formation was revised down by one tenth, although with a different evolution among its components. In the case of gross fixed capital formation, its rate of change is estimated at 7.5%, compared with the previous 5.5% in current terms, with growth in intellectual property assets and construction assets by 8.9%. As a result, this addition increases the previous estimate by 4.217 billion.

In the case of the other component, inventories, in 2024 they stood at 5.8 billion, with a downward revision of 4.668 billion compared with the preliminary estimate.

On the expenditure side, the other two components of demand have been revised upwards: Final consumption expenditure (3.2%, down from the previous 3.0%) and the contribution of foreign demand (0.3%, compared with 0.2%).

Both revisions are explained by the availability, for the first time, of the aforementioned structural sources and revised data from already available sources, as well as the supply-demand balance from the Supply and Use Tables.

Thus, the revisions in volume growth rates stem mainly from those at current prices.

Gross domestic product. Supply. 2024

Year-on-year variation rates in volume. Unit: percentage

Among the branches that stand out for their contribution to the GDP revision are Agriculture (with a growth of 15.0%) and Professional and scientific activities (8.3%); in both cases the revision of output also had an influence on the gross fixed capital formation of intangible assets (R&D, software, databases and other intellectual property assets).

In contrast, the value added of Trade, Transport and Hospitality has been revised downwards (to 1.8%), as has that of Real Estate Activities (to 0.9%), of Artistic and recreational activities (0.7%) and Construction (to -0.9%), due to the incorporation of structural surveys of these sectors. In the case of Construction, while value added in current terms grew by 4.1%, the divergence between statistical sources that measure the evolution of the sale price of housing as an indicator of the production deflator (8.4%) and the change in costs in the residential sector as an indicator of the intermediate consumption deflator (1.4%) has influenced this downward revision in volume.

Nominal annual GDP growth was 6.8%, up from the previous 6.4%, while the implicit GDP deflator was revised downwards by two tenths, to 3.1%. Thus, GDP at current prices for 2024 stood at 1,598,588 million euros, which is 4,258 million more than the previous estimate.

In terms of employment, the rate of change in terms of the number of jobs was revised upward by three tenths to 2.9%. On the other hand, hours worked rose by 2.8% (compared with the previous figure of 2.2%) and the employee compensation rate reached 7.2% (in comparison with the 7.1% previously estimated). Productivity grew by 0.9% for the economy as a whole, three tenths less than the preliminary estimate.

Year 2023

The rate of change in the volume of GDP was 2.4% for the year 2023. This estimate is now final and revises the provisional data point down by one tenth.

The revisions of the aggregated accounts for 2023 are fundamentally due to the incorporation of the definitive version of the Agriculture and Forestry Accounts, the final update of the NPISH estimation sources and the final tabulation of the Supply and Use Tables, which involves balancing the supply and demand across 94 activities and 140 products, both at current prices and those of the previous year.

Upcoming publications

All national accounts results published from today onwards will be consistent with the main aggregates of the national economy published now, according to the established calendar.

  • 25 September:
    • Quarterly National Accounts of Spain: main aggregates, up to the second quarter of 2026.
  • 30 September:
    • Quarterly National Accounts of Spain: aggregates by activity branch. 1995-2025 Series.
    • Annual Non-Financial Accounts for the Institutional Sectors. 1995-2025 Series.
    • Quarterly Non-Financial Accounts for the Institutional Sectors. Up to the second quarter of 2026.
    • Supply and Use Tables. 2023 (at current and previous year prices).

For its part, on 30 September, the INE will continue to publish the preliminary release of the Regional Accounts of Spain with GDP estimates by autonomous communities and provinces updated for the period 2023-2025, expanding in this case the dissemination with the preliminary estimates of the aggregates of employment and income.

Meanwhile, the Supply and Use Tables at current prices and in terms of volume for 2024 will be released at the end of October, more than one year ahead of the deadlines required by Eurostat. This publication will allow for a homogeneous series on the same accounting basis of eight years (from 2016 to 2024) of one of the main statistical tools for economic analysis.

The final Input-Output table for 2023, as well as the first-time publication of the provisional Input-Output table for 2024, will be released in December.

Revision and updating of data

The data published today for 2024 and 2025 are provisional and will be revised next year.

On the other hand, the national accounts will undergo a new extraordinary revision in 2027 due mainly to the incorporation of data on transversal reservations (established by the European Commission for all EU countries within the same timeframe) and to methodological changes in information sources.

The European Commission (Eurostat) has verified the sources and methods used to calculate the GNI of EU countries. This verification has not revealed any specific issues in Spain regarding its reliability, consistency, and completeness. However, it has identified two issues that all Member States need to continue working on in order to ensure the comparability of their GNI estimates.

One of these aspects refers to the treatment of non-resident operators for VAT purposes. Eurostat has set a deadline for studying the due registration of these operators' commercial transactions in the national accounts, which ends on 30 September 2026.

Their impact on GNI is considered to be above the materiality threshold (set at 0.1% of each country's GNI) and must be incorporated in 2027, for data from 2018 onwards, into the GNI estimates sent to Eurostat in compliance with the transmission program of the European System of National Accounts 2010. This revision will also be incorporated into the national publication in 2027 to maintain its alignment with EU publications.

This information relating to 2027 will be expanded in the press release with regard to the Quarterly Accounts of December 2026.

In accordance with the Commission's Delegated Regulation (EU) 2023/137, the INE has begun to work on incorporating the new National Classification of Economic Activities CNAE-2025 in all its statistical operations. In the case of the Annual National Accounts, the first publication of results with CNAE-2025 will take place in September 2030.

All the results of this operation are available at INEbase.

Annex

Gross domestic product at current prices. Demand

Unit: EUR million

Gross domestic product at current prices. Supply

Unit: EUR million

Gross domestic product at current prices. Income and Employment

Unit: EUR million

(P) Estimación provisional
(A) Estimación avance

Methodological note

The Annual National Accounts of Spain: main aggregates is a synthesis statistic that provides the main aggregates for the national economy (GDP, National Income and Employment) resulting from the System of National Accounts, in accordance with the conceptual and regulatory framework established by the European System of National and Regional Accounts (ESA 2010), approved by Regulation (EU) 549/2013.

In addition to measurement of the GDP, it also measures each of its components, prepared from the point of view of supply, demand, and income. Estimates of economic aggregates of supply and demand are presented both at current prices and in terms of volume. Employment estimates (in terms of persons employed, hours worked, jobs and full-time equivalent jobs) are also added, as well as the measurement of Gross National Income (GNI).

The National Accounts is constructed from estimates of economic flows and aggregates that are sourced from a wide variety of statistical operations, which in turn are subject to their own schedule of availability and review. This implies that they are subject to a process of updating and disaggregation until they become final, reflecting the fact that the more short-term and aggregated the underlying information is, the more provisional the estimate will be, so they have to be updated periodically to provide the most accurate measure of the economy at all times.

According to the standard revision process, for the same reference year as 2023, four revisions are made to the initial estimate published in January 2024: it is revised in March 2024, in September 2024 (already as preliminary data), in September 2025 (provisional data) and in September 2026 (final estimate). The first estimates use sources and procedures with a high degree of tentativeness. Subsequently, situational information is replaced by structural information, provisional data are replaced by definitive data, and a broader and more consistent accounting framework is incorporated.

In addition, the following are carried out: extraordinary revisions that guarantee the updating of statistical sources and estimation methods, as well as the implementation of international recommendations. The next extraordinary revisions are planned for 2027 – with the incorporation of results from the 2020-2024 verification cycle – and for 2030 – with the methodological changes of the new ESA 2030.

Type of operation: structural.

Geographical scope: national economic territory.

Reference period for the results: the year.

Collection method: summary statistics.

More informationv methodology and the standardised methodological report.

INE statistics are produced in accordance with the Code of Good Practice for European Statistics. More information on Quality at INE and the Code of Best Practices.

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