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 increased by 0.6% in the first quarter compared with the previous quarter. This rate was two tenths lower than that of the fourth quarter of 2025.

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

By demand aggregates, household final consumption expenditure rose by 0.6% and that of Public Administrations by 0.5%. On the other hand, gross fixed capital formation recorded a variation of 0.1%.

Exports of goods and services recorded a year-on-year rate of -0.6%, 1.3 points lower than in the fourth quarter. Meanwhile, imports showed a variation of -1.0%, a rate 2.2 points lower than that of the previous quarter.

On the supply side, all the major sectors of activity displayed positive quarter-on-quarter rates in terms of their added value, except for Construction, which recorded a rate close to zero and two points lower than in the previous quarter.

The Industrial branches grew by 0.3% quarter-on-quarter. Within these branches, manufacturing industry displayed an increase of 0.3%, which was two tenths higher than that of the previous quarter.

The rate of the gross value added of Services fell by one tenth to 0.8%.

On the other hand, the primary branches recorded a quarter-on-quarter variation of 3.3%, compared to the near-zero rate of the previous quarter.

The year-on-year GDP variation was 2.7% for this quarter, one tenth more than in the previous quarter.

Domestic demand contributed by 3.5 points to year-on-year GDP growth. On the other hand, external demand contributed by -0.8 points.

In terms of aggregate demand, final consumption expenditure displayed an evolution similar to that of the previous quarter, with a 3.0% year-on-year rise. That of households reported a rate of 3.2%, an upturn of one tenth compared with that of the previous quarter, while that of the Public Sector stood at 2.4%, one tenth lower than in the previous quarter.

On the other hand, gross fixed capital formation registered a variation of 5.8%, a rate one tenth higher than that of the previous quarter.

Exports of goods and services grew by 0.8% in year-on-year terms, 2.9 points less than in the fourth quarter of 2025. Meanwhile, imports showed a variation of 3.2%, a rate 3.4 points lower than that of 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 grew by 1.6%, and, within these branches, manufacturing industry increased by 1.6%.

The gross value added of Construction rose by 6.3% for the year-on-year and that of Services by 3.4%. On the other hand, that of the primary branches fell by 3.3%.

The GDP at current prices increased by 6.0% year-on-year in the first quarter, seven tenths less than in the previous quarter. In quarter-on-quarter rate terms, it increased by 0.5%.

The GDP deflator rose by 3.2% year-on-year, a rate seven tenths lower than in the previous quarter. In quarter-on-quarter terms, it decreased by 0.1%.

In terms of income, employee remuneration went up by 7.2% in the year-on-year, with a 3.3% rise in the number of full-time equivalent jobs for employees and a 3.8% increase in the average remuneration per full-time equivalent jobs for employees. In the quarter-on-quarter rates, total remuneration and the number of full-time equivalent jobs of employees increased by 0.8. The average remuneration displayed a rate close to zero.

On the other hand, gross operating surplus/gross mixed income grew by 4.8% year-on-year, sixth tenths more than in the previous quarter. In quarter-on-quarter terms, it increased by 2.1%.

Finally, the amount accrued in taxes on production and net imports of subsidies recorded a year-on-year increase of 5.2%, compared to the 12.0% variation in the previous quarter. In quarter-on-quarter terms it decreased by 7.3%.

The number of hours actually worked grew by 2.1% year-on-year this quarter, one tenth more than in the previous quarter. The quarter-on-quarter rate stood at -0.3%.

Full-time equivalent jobs grew by 2.8% year-on-year, a similar rate to that of 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 -0.1% this quarter, while productivity per hour actually worked stood at 0.6%. In quarter-on-quarter terms, these rates varied between -0.2% and 1.0% respectively.

The results published today also incorporate all the current information available since last 30 April (date of dissemination of the advance results of the first quarter of 2026) on the quarterly economic evolution. This update to the baseline information covers not only the information that was unavailable in the Preview published in January (generally the third month of the quarter, March) but also the update of the baseline information corresponding to previous quarters.

In particular, the results 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 released on 29 June by the General Intervention of the State Administration.

The INE has updated today both 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 2030.