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 first quarter of 2025 compared with the previous quarter. This rate was one tenth lower than that of the fourth quarter of 2024.

Domestic demand contributed by 0.5 points to quarter-on-quarter GDP growth. On the other hand, external demand contributed by 0.1 points.

By demand aggregates, household final consumption expenditure grew by 0.6% and that of Public Administrations recorded a rate of -0.4%. On the other hand, gross fixed capital formation recorded a variation of 0.9%.

Exports of goods and services recorded a quarter-on-quarter rate of 1.7%, 1.6 points higher than in the fourth quarter. Meanwhile, imports showed a variation of 1.6%, a rate that was four tenths higher than 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 1.0% quarter-on-quarter. Among them, the rate of manufacturing industry increased by four tenths compared with the previous quarter, to 0.8%.

The gross value added of Construction increased by 0.4% quarter-on-quarter, 2.2 points less than in the previous quarter. Services increased by 0.2%, seven tenths of a percentage point less than the previous quarter.

On the other hand, primary branches recorded a variation of 8.2%, 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, the variation in final consumption expenditure decreased by three tenths of a percentage point compared to the previous quarter, growing by 3.4% year-on-year. Household  accelerated by one tenth, reaching a rate of 3.7%, while that of Public Administration increased by 2.4%, which was 1.4 points lower than in the previous quarter.

On the other hand, gross fixed capital formation registered a variation of 3.3%, a rate two tenths higher than that of the previous quarter.

Exports of goods and services grew by 2.7%, which was four tenths of a percentage point less than in the fourth quarter of 2024. Meanwhile, imports showed a variation of 4.4%, six tenths more 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 2.2%, and within these branches, the manufacturing industry increased by 2.4%.

The gross value added of Construction rose by 1.8% compared to the first quarter of 2024, that of Services by 3.1%, and that of primary branches by 6.6%.

GDP at current prices increased by 5.1% year-on-year, six tenths lower than the previous quarter. In quarter-on-quarter terms, it increased by 1.1%.

The GDP deflator increased by 2.3% year-on-year, a rate similar to that of the previous quarter. In quarter-on-quarter rate terms, it increased by 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%, and the number of full-time equivalent jobs of employees increased by 1.0%. The average salary recorded 0.3% growth.

On the other hand, gross operating surplus/gross mixed income increased by 3.0% year-on-year, 1.8 points more than in the fourth quarter. In quarter-on-quarter terms, the surplus increased by 2.0%.

Finally, the amount accrued in taxes on production and net imports of subsidies recorded a year-on-year increase of 4.0%, compared to 17.8% in the previous quarter. In quarter-on-quarter terms, it decreased by 3.2%.

The number of hours actually worked increased by 2.1% year-on-year this quarter, 0.4 points lower 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 -0.2% this quarter, and productivity per hour actually worked, of 0.7%. In quarter-on-quarter terms, these rates were -0.4% and 1.1% respectively.

The results published today also incorporate all the current information available since last 29 April (date of dissemination of the advance results of the first 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 last 23 June, and on the General Government Accounts, which will be reported on 30 June by the General Intervention of the State Administration.

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.