Quarterly National Spanish Accounts

All information corresponds to data adjusted for seasonal and calendar effects. The variation rates and contributions to GDP growth are rounded to one decimal place.

The Gross Domestic Product (GDP), measured in volume terms, increased by 0.8% in the second quarter compared to the previous quarter. This rate was two tenths higher than that of the first quarter of 2025.

Domestic demand contributed 0.8 points to quarter-on-quarter GDP growth. For its part, the contribution from external demand was practically null.

By demand aggregates, household final consumption expenditure rose by 0.8% and that of Public Administrations by 0.1%. On the other hand, gross fixed capital formation recorded a variation of 1.8%.

Exports of goods and services recorded a year-on-year rate of 1.3%, 1.1 points lower than in the first quarter. Meanwhile, imports showed a variation of 1.6%, a rate that was four tenths less than that of the previous quarter.

On the supply side, all major sectors of activity showed positive value-added rates, except for the primary branches. Thus, industrial branches rose by 0.9% quarter-on-quarter. Among these, the manufacturing industry increased its rate by three tenths compared to the previous quarter, reaching 1.0% growth.

The gross value added of Construction increased by 2.3% quarter-on-quarter, two points higher than in the previous quarter. And that of Services rose by six tenths, reaching 1.0%.

On the other hand, primary branches recorded a quarter-on-quarter variation of -6.4%, compared to 6.4% in the previous quarter.

The year-on-year GDP variation was 3.1% for this quarter, one tenth less than that of the previous quarter.

Domestic demand contributed by 3.5 points to quarter-on-quarter GDP growth. On the other hand, external demand contributed -0.5 points.

By demand aggregates, the variation in final consumption expenditure was three tenths lower than in the previous quarter, growing by 3.1% year-on-year. Household expenditure slowed by five tenths to a rate of 3.4%, while that of Public Administrations increased by 2.0%, similar to the previous quarter.

On the other hand, gross fixed capital formation registered a variation of 5.8%, a rate eight tenths higher than that of the previous quarter.

Exports of goods and services recorded a year-on-year rate of 4.2%, eight above the first quarter rate. Meanwhile, imports recorded a variation of 6.1%, one point higher than in the previous quarter.

In terms of supply, all major sectors of activity recorded positive year-on-year rates in value added. Thus, the gross value added of the industrial branches grew by 2.6%, and within these branches, the manufacturing industry increased by 2.2%.

The gross value added of Construction increased by 4.0% compared to the second quarter of 2024, Services by 3.4%, and primary branches by 0.1%.

The GDP at current prices increased by 5.6% year-on-year this quarter, three tenths more than the previous. In quarter-on-quarter terms, it increased by 1.2%.

The GDP deflator rose by 2.4% year-on-year, a rate three tenths higher than in the previous quarter. In quarter-on-quarter rate terms, it increased by 0.4%.

In terms of income, employee compensation increased by 7.1% year-on-year, with a 3.7% increase in the number of full-time equivalent jobs for employees, and a 3.3% increase in the average compensation per full-time equivalent jobs for employees. In quarter-on-quarter rates, total compensation increased by 1.6%, while the number of full-time equivalent jobs of employees rose by 0.7%. Average compensation grew by 0.9%.

On the other hand, gross operating surplus / gross mixed income increased by 3.7% year-on-year, two tenths higher than in the first quarter. In quarter-on-quarter terms, the surplus increased by 0.1%.

Finally, the amount accrued in taxes on production and net imports of subsidies recorded a year-on-year increase of 5.8%, compared to 5.1% in the previous quarter. In quarter-on-quarter terms, it increased by 3.8%.

The number of hours actually worked grew by 1.3% year-on-year this quarter, six tenths less than in the previous one. In quarter-on-quarter terms, it varied by 0.3%.

Full-time equivalent jobs grew by 3.5% year-on-year, six tenths higher than in the previous quarter. In quarter-on-quarter terms, the variation was 0.8%.

On the other hand, productivity per full-time equivalent job recorded a year-on-year rate of -0.4% this quarter, and productivity per hour actually worked, of 1.7%. In quarter-on-quarter terms, these rates were practically zero in terms of productivity per full-time equivalent job , and 0.5% for productivity per hour actually worked.

The results published today incorporate all the current information available since 29 July (date of dissemination of the advance results of the second quarter of 2025) on the quarterly economic evolution. In particular, they integrate quarterly information on the Balance of Payments published by the Bank of Spain last 23 September, and on the General Government Accounts, which will be reported on 30 September by the General Intervention of the State Administration.

In addition, and in accordance with the revision policy of this operation, coinciding with the updating of results since the first quarter of 2022 (in accordance with the review of the Annual National Accounts of Spain: major aggregate published last 19 September), the seasonal and calendar adjustment models of each of the published series have been reviewed.

All the results of this operation are available at INEbase.

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 CNTR, the first publication of results with CNAE−2025 will take place in September 2029.