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.

The Gross Domestic Product (GDP), measured in volume terms, increased by 0.7% in the second quarter compared to the previous quarter. This rate was one tenth higher than that of the first quarter of 2025.

Domestic demand contributed by 0.9 points to quarter-on-quarter GDP growth. For its part, external demand contributed -0.1 points.

By demand aggregates, household final consumption expenditure increased by 0.8%, while that of Public Administrations showed a rate of -0.1%. On the other hand, gross fixed capital formation recorded a variation of 2.1%. 

Exports of goods and services showed a quarter-on-quarter rate of 1.1%, which was six tenths lower than in the first quarter. Meanwhile, imports recorded a variation of 1.7%, two tenths higher than in 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 grew by 0.8% quarter-on-quarter. Among these, the manufacturing industry increased its rate by three tenths compared to the previous quarter, reaching 1.1%.

The gross value added of Construction increased by 1.5% quarter-on-quarter, one point more than in the previous quarter. And that of the Services sector increased by one more point than in the previous quarter, reaching 1.2%.

On the other hand, primary branches recorded a quarter-on-quarter variation of -9.5%, compared to 8.3% in the previous quarter.

The year-on-year variation of GDP was 2.8% this quarter, a rate similar to that of the previous quarter.

Domestic demand contributed by 3.4 points to quarter-on-quarter GDP growth. On the other hand, external demand contributed -0.6 points.

By demand aggregates, the variation in final consumption expenditure was two tenths lower than in the previous quarter, growing by 3.1% year-on-year. Household expenditure slowed by two tenths, showing a rate of 3.5%, while that of Public Administrations increased by 1.8%, four tenths less than in the previous quarter.

On the other hand, gross fixed capital formation recorded a variation of 5.3%, a rate 1.6 points higher than in the previous quarter.

Exports of goods and services recorded a year-on-year rate of 3.3%, five tenths more than in the first quarter. Meanwhile, imports showed a variation of 5.6%, with an increase of 1.3 points compared to 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 rose by 2.2%, and within these branches, the manufacturing industry increased by 2.2%.

The gross value added of Construction increased by 2.9% compared to the second quarter of 2024, and that of Services by 3.3%. On the other hand, the primary branches showed a rate of -1.3%.

GDP at current prices increased by 5.6% year-on-year, four tenths higher than in the previous quarter. In quarter-on-quarter terms, it increased by 1.3%.

The GDP deflator increased 2.7% year-on-year, a rate four tenths higher than in the previous quarter. In quarter-on-quarter rate terms, it increased by 0.5%.

In terms of income, employee compensation increased by 7.6% year-on-year, with a 3.7% increase in the number of full-time equivalent jobs for employees, and a 3.8% increase in the average compensation per full-time equivalent jobs for employees. In quarter-on-quarter rates, total compensation increased by 1.9%, and the number of full-time equivalent jobs of employees increased by 0.7%. Average compensation grew by 1.2%.

On the other hand, gross operating surplus / gross mixed income increased by 3.2% year-on-year, one tenth 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 6.2%, compared to 4.1% in the previous quarter. In quarter-on-quarter terms, it increased by 3.0%.

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 -0.7% this quarter, and productivity per hour actually worked, of 1.5%. In quarter-on-quarter terms, these rates were 0.0% and 0.5% respectively.

INE has updated today the seasonally and calendar adjusted data of the Quarterly Spanish National Accounts from the first quarter of 2024. 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.