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 0.8% in the fourth quarter compared with the previous quarter. This rate was two tenths higher than that of the third quarter of 2025.

Domestic demand contributed one point 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 1.0% and that of Public Administrations by 0.1%. On the other hand, gross fixed capital formation recorded a variation of 1.7%.

Exports of goods and services recorded a quarter-on-quarter rate of 0.8%, 1.5 points higher than in the third quarter. Meanwhile, Imports showed a variation of 1.4%, one tenth above that of the previous quarter.

On the supply side, all major economic sectors showed positive rates in their added value. Thus, industrial branches rose by 0.3% quarter-on-quarter. Among these, the Manufacturing fell by three tenths compared to the previous quarter, by posting an increase of 0.1%.

Gross value added of Construction increased by 2.1% quarter-on-quarter, four tenths above the previous quarter. The GVA of Services grew at a similar pace to the previous quarter, with a rate of 0.8%.

On the other hand, the primary branches recorded a quarter-on-quarter variation of 0.2%, one point higher than the previous quarter.

The year-on-year GDP variation was 2.6% for this quarter, one tenth less than that of the previous quarter.

Domestic demand contributed 3.6 points to year-on-year GDP growth. On the other hand, external demand made a negative contribution of 1.0 points.

In terms of aggregate demand, final consumption expenditure rose one tenth compared to the previous quarter, rising 2.9% in the year-on-year. Household expenditure rose by one tenth, with a rate of 3.3%, while expenditure by Public Administrations recorded a rate of 1.7%, one tenth higher than the previous quarter.

On the other hand, gross fixed capital formation recorded a variation of 6.5%, a rate 1.7 points lower than in the previous quarter.

Exports of goods and services recorded a year-on-year rate of 3.5%, seven tenths above the third quarter rate. Meanwhile, imports recorded a variation of 6.9%, two tenths above 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 2.8%, and within these branches, manufacturing grew by 2.0%.

The gross value added of Construction rose by 7.2% compared to the fourth quarter of 2024, and that of Services by 2.8%. As for the primary branches, they fell by 1.3%.

GDP at current prices increased by 6.6% year-on-year, one point above the previous quarter. In quarter-on-quarter rate terms, it increased by 2.9%.

The GDP deflator grew by 3.8% year-on-year, a rate one point higher than the previous quarter. In quarter-on-quarter terms, it rose by 2.1%. Implicit in this value is the effect on the general consumption expenditure deflator for Public Administrations, updated at 2.5% in civil servant remuneration, approved in December and recorded, for the most part, in the fourth quarter, in full coherence with the recording carried out by the General State Administration Comptroller's Office, which is responsible for drawing up the general government accounts.

In terms of income, employee compensation went up by 7.9% year-on-year, with a 3.2% growth in the number of full-time equivalent jobs for employees, and a 4.6% increase in the average compensation per full-time equivalent jobs for employees. In quarter-on-quarter rates, total compensation increased by 3.2%, and the number of full-time equivalent jobs of employees increased by 0.7%. Average compensation rose by 2.5%.

On the other hand, gross operating surplus/gross mixed income grew by 4.3% year-on-year, one point higher than in the third quarter. In quarter-on-quarter terms, the surplus increased by 2.3%.

Finally, the amount accrued in taxes on production and net imports of subsidies recorded a year-on-year increase of 9.3%, compared to 8.4% in the previous quarter. In quarter-on-quarter terms, it increased by 4.2%.

The number of hours actually worked grew by 2.2% year-on-year this quarter, four tenths less than the previous quarter. In quarter-on-quarter terms, it varied by 1.2%.

Full-time equivalent jobs grew by 2.8% year-on-year, five tenths lower than the previous quarter. In quarter-on-quarter terms, the variation was 0.3%.

On the other hand, productivity per full-time equivalent job recorded a year-on-year rate of -0.2% this quarter, and productivity per hour actually worked, of 0.4%. In quarter-on-quarter terms, these rates were 0.5% and -0.4% respectively.

By temporary aggregation of the four quarters, the volume growth of GDP in 2025 as a whole is estimated at 2.8% compared to 2024.

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 2029.