Quarterly National Spanish Accounts

This preview of results is compiled with available information, with most indicators providing results up to the second month of the quarter, to which information from advance data, estimates and other additional sources have been added, in line with the recommendations of Eurostat and other international statistical bodies.

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 first quarter compared with the previous quarter. This rate was one tenth lower than that of the fourth quarter of 2024.

Domestic demand contributed 0.4 points to quarter-on-quarter GDP growth. On the other hand, external demand contributed 0.2 points.

By demand aggregates, household final consumption expenditure rose by 0.4% and that of Public Administrations by 0.2%. On the other hand, gross fixed capital formation recorded a variation of 0.6%.

Exports of goods and services recorded a quarter-on-quarter rate of 1.0%, nine tenths higher than the fourth quarter. Meanwhile, imports showed a variation of 0.7%, six tenths less compared to the previous quarter.

On the supply side, all major economic sectors showed positive rates in their added value. Thus, industrial branches rose by 1.1% quarter-on-quarter. Within these, the manufacturing industry increased its rate by three tenths to 0.8%.

The gross value added of Construction grew by 0.4% quarter-on-quarter, 2.2 points less than in the previous quarter. And the Services gross value added rate moderated by six tenths to 0.3%.

On the other hand, primary branches recorded a variation of 7.1%, compared to -0.7% in the previous quarter.

The year-on-year GDP variation was 2.8% for this quarter, five tenths lower than that of the previous quarter.

Domestic demand contributed by 3.2 points to quarter-on-quarter GDP growth. On the other hand, external demand contributed -0.4 points.

By demand aggregates, final consumption expenditure grew by 3.4%, three tenths less than in the previous quarter. Household spending moderated by one tenth to a rate of 3.5%, while Public Administration spending increased by 3.1%, seven tenths less than in the previous quarter.

On the other hand, gross fixed capital formation registered a variation of 3.3%, a rate one tenth lower than that of the previous quarter.

Exports of goods and services recorded a year-on-year rate of 2.1%, 1.1 points lower than in the fourth quarter. Meanwhile, imports registered a year-on-year variation of 3.6%, slowing down by three tenths compared to 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 rose by 2.4%, and within these branches, the manufacturing industry increased by 2.5%.

The gross value added of Construction increased by 1.8% compared to the first quarter of 2024, that of Services by 3.3%, and that of primary branches by 5.5%.

GDP at current prices increased by 5.2% year-on-year, five tenths lower than the previous quarter. The quarter-on-quarter increase was 1.1%.

The GDP deflator increased by 2.3% year-on-year, a rate similar to that of the previous quarter. The quarter-on-quarter increase was 0.6%.

In terms of income, employee compensation increased by 7.2% year-on-year, with a 3.0% increase in the number of full-time equivalent jobs for employees, and a 4.1% increase in the average compensation per full-time equivalent jobs for employees. In quarter-on-quarter rates, total compensation increased by 1.3%, while the number of full-time equivalent jobs of employees rose by 1.0%. Average compensation grew by 0.3%.

On the other hand, gross operating surplus/gross mixed income rose by 2.0% year-on-year, eight tenths more than in the fourth quarter. In quarter-on-quarter terms, the surplus increased by 0.9%.

Finally, the amount accrued in taxes on production and net imports of subsidies recorded a year-on-year increase of 8.7%, compared to 17.8% in the previous quarter. In quarter-on-quarter terms, it increased by 1.2%.

The number of hours actually worked grew by 2.1% year-on-year this quarter, four tenths more than in the previous quarter. In quarter-on-quarter terms, it varied by -0.5%.

The number of full-time equivalent jobs grew by 2.9% year-on-year, seven tenths more than in the previous quarter. In quarter-on-quarter terms, the variation was 0.9%.

On the other hand, productivity per full-time equivalent job recorded a year-on-year rate of -0.1% this quarter, and productivity per hour actually worked, of 0.8%. In quarter-on-quarter terms, these rates were -0.4% and 1.1% respectively.

The Quarterly Spanish National Accounts: main aggregates (QSNA) is a short-term summary statistic whose main objective is to carry out a systematic and coherent measurement of the recent evolution of the national economy, 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 of the European Parliament and of the Council of 21 May.

One month following the end of the quarter (t+30 days, with t being the reference quarter), this operation provides a preview of the Gross Domestic Product generated in the economy during the quarter, as well as of each of its components, based on its three approaches of supply, demand and income (both in terms of volume and current prices in the case of the first two, and current prices, in the case of the income approach). It also provides a measurement of the evolution of employment in the economy in terms of persons employed, jobs, full-time equivalent jobs and hours actually worked.

All estimates are presented in raw data and adjusted for seasonal and calendar effects.

The results of each quarter are reviewed around t+90 days, incorporating all available information from the advance estimate.

Type of operation:

quarterly continuous survey.

Geographical scope:

national economic territory.

Collection method:

summary statistics.

More information on the 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 Code of Best Practices