The Spanish economy has given a respite in the midst of an international scenario marked by uncertainty. According to the latest INE data, the National Statistics Institute offered this Friday, the Gross Domestic Product (GDP) grew 0.8% during quarter 2025 compared to the previous three months, a figure that improves advanced forecasts in July and 3.1% compared to the same period of 2024. Some figures that indicate that the initial forecasts have been exceeded and that they reinforce the idea that the recovery progresses with more force of what was feared at the beginning of the year.
As Europa Press collects in a statement, the Ministry of Economy celebrated these figures by stating that “the Spanish economy maintains the upward trend supported mainly on the consumption of families, which reflects the solidity of the labor market and the increase in purchasing power.” And, as reflected in the INE data, the pull of domestic demand has been decisive to sustain the progress of GDP.
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The consumption of families promotes GDP growth in Spain in the second quarter
The contribution of national demand to quarterly growth was 0.8 points, while the foreign sector barely had an incidence. In the year -on -year computation, the photo is similar: 3.1% growth is explained above all due to internal consumption, which contributed 3.5 points, while exports subtracted half a point from the balance sheet.
Within that growth, households remain the main protagonists. Its expense increased 0.8% in the quarter, in line with the improvement of employment and moderation of inflation in recent months. The investment also behaved strongly, with a rise of 1.8%, supported by the construction and acquisition of equipment. On the other hand, the expense of public administrations barely moved, with a testimonial advance of 0.1%.
Spain stands out even more if compared to what happens in much of Europe, where growth has stopped. Countries like Germany continue to try to leave economic weakness behind, while the Spanish economy maintains the pace thanks to a solid labor market and the extra impulse that European funds suppose, which continue to financing modernization projects.
Spain points to a growth of 2.7% at the end of the year exceeding the European average
The figures published now contrast with the most prudent estimates that were made in spring. At that time, many international organizations and private analysts expected a much more moderate advance. However, good results have led the government to review their calculations and now expects the economy to close 2025 with growth around 2.7%, a figure that would exceed the average of the Eurozone.
However, not everything is good news. The data thrown by the INE also point out that the weakness of exports remains a risk factor. The half -point setback in external contribution shows that Spain still depends a lot on domestic consumption to sustain its progress, something that could become a problem if household confidence cools or if inflation again will rebound again.
In any case, the second quarter leaves a sense of relief and moderate optimism. The activity accelerates more than expected, households continue to consume (0.8%), as well as the investment shows confidence signals (1.8%) and also that of public administrations (0.1%). In the words of the Ministry of Economy of Carlos Body, these data “certify the dynamism of the Spanish economy”, demonstrating that Spain is resisting better than other European countries “and that it will lead the main advanced economies.”
Employment grows at the greatest pace since 2024
The labor market also left positive figures. According to the INE, employment, measured in full -time equivalent jobs, grew by 3.5% year -on -year, which represents six tenths more than in the previous quarter and the greatest rhythm since the beginning of 2024. Compared to the previous quarter, employment advanced 0.8%, the same record as between January and March. As for the hours worked, 1.3% year -on -year increased, although this data marks a moderation: six tenths less than in the previous quarter and the lowest growth since mid -2024.
International tourism, which was one of the engines of recovery after the pandemic next to public spending, begins to lose some prominence in the economy. And it does so that the forecasts point to a new record: about 100 million visitors in 2025, although with a more leisurely growth in the arrival of travelers.
Even so, the last months have brought positive signals. In September, the risk premium fell below 55 points for the first time in almost two decades, driven by the improvement of S&P rating. This has allowed the Spanish debt to be financed even in better conditions than the French, which relieves the burden of interests. To this is added that both the Bank of Spain and the OECD have reviewed its forecasts, placing annual growth in 2.6%. The Government, as noted in its statement, is confident that the economy can advance 2.7% in 2025, a tenth more than expected above.