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.

Gross Domestic Product (GDP) in volume terms rose by 0.6% in the third quarter compared with the previous quarter. This rate was one tenth lower than that of the second quarter in 2025.

Domestic demand contributed 1.3 points to quarter-on-quarter GDP growth. On the other hand, external demand contributed -0.7 points.

By demand aggregates, household final consumption expenditure rose by 1.1% and that of Public Administrations by 1.3%. On the other hand, gross fixed capital formation recorded a variation of 2.1%.

Exports of goods and services recorded a year-on-year rate of -0.6%, two points lower than in the second quarter. Meanwhile, imports showed a variation of 1.3%, a rate that was seven tenths less than that of the previous quarter.

On the supply side, all major sectors of activity showed positive gross value-added rates, except for the primary branches. Thus, industrial branches rose by 0.5% in the quarter-on-quarter rate. Within these branches, manufacturing industry presented an increase of 0.5%, which was five tenths less than that of the previous quarter.

The gross value added of Construction increased by 1.3% quarter-on-quarter, 1.3 points less than in the previous quarter. The quarter-on-quarter change in services was 0.8%, one tenth of a percentage point less than in the second quarter.

On the other hand, primary branches recorded a quarter-on-quarter variation of -0.7%, compared to -6.0% in the previous quarter.

The year-on-year GDP variation was 2.8% for this quarter, one tenth less than that of the previous quarter.

Domestic demand contributed by 3.8 points to quarter-on-quarter GDP growth. On the other hand, external demand contributed -1.0 points.

In terms of aggregate demand, final consumption expenditure slowed down by two tenths compared with the previous quarter as it increased 2.8% year-on-year. Household expenditure fell by one tenth, with a rate of 3.2%, and expenditure by Public Administrations recorded a rate of 1.7%, two tenths less than in the previous quarter.

On the other hand, gross fixed capital formation recorded a variation of 8.0%, a rate two points higher than in the previous quarter.

Exports of goods and services recorded a year-on-year rate of 3.3%, one tenth lower than in the second quarter. Meanwhile, imports showed a variation of 6.8%, rising two tenths compared with the previous quarter.

From the supply perspective, all major activity sectors recorded positive year-on-year rates in their value added, except for the primary branches. Thus, the gross value added of the industrial branches grew by 3.0%, and within these branches, the manufacturing industry increased by 2.8%.

The gross value added of Construction increased by 6.9% compared with the third quarter of 2024, that of Services by 3.1%, and that of primary branches shrank by -2.1%.

GDP at current prices increased by 5.7% year-on-year, two tenths more than the previous quarter. In quarter-on-quarter terms, it increased by 1.4%.

The GDP deflator rose by 2.8% year-on-year, a rate three tenths above the previous quarter. In quarter-on-quarter terms, its rate stood at 0.7%.

In terms of income, employee compensation increased by 7.0% year-on-year, with a 3.3% increase in the number of full-time equivalent jobs for employees, and a 3.6% 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 positions of employees presented a rate of 1.0%. Average compensation grew by 0.6%.

On the other hand, gross operating surplus / gross mixed income increased by 3.6% year-on-year, two tenths lower than in the second quarter. In quarter-on-quarter terms, it increased by 0.6%.

Finally, the amount accrued in taxes on production and net imports of subsidies recorded a year-on-year increase of 7.7%, compared to 5.6% in the previous quarter. In quarter-on-quarter terms, it increased by 3.6%.

The number of hours actually workedgrew by 2.5% year-on-year this quarter, nine tenths more than in the previous quarter. In quarter-on-quarter terms, it varied by 1.0%.

Full-time equivalent jobs grew by 3.3% year-on-year, one tenth lower than in the previous quarter. In quarter-on-quarter terms, the variation was 1.0%.

On the other hand, productivity per full-time equivalent job recorded a year-on-year rate of -0.6% this quarter, and productivity per hour actually worked, of 0.3%. In quarter-on-quarter terms, both rates were -0.4%.

The results published today also incorporate all the current information available since last October 29 (date of dissemination of the advance results of the third 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 today, and on the General Government Accounts, published yesterday by the Spanish Government Internal Audit Office.

INE has updated today the seasonally and calendar adjusted data of the Quarterly Spanish National Accounts from the first quarter of 2025. 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 2030.