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

Domestic demand contributed 0.9 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 0.9% and that of Public Administrations by 0.2%. On the other hand, gross fixed capital formation recorded a variation of 1.9%.

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 1.2%, a rate one tenth less than that of the previous quarter.

On the supply side, all major economic sectors showed positive or neutral rates in their value added. Thus, industrial branches rose by 0.3% in the quarter-on-quarter rate. Within these branches, manufacturing industry presented an increase of 0.1%, which was two tenths less than that of the previous quarter.

The gross value added of Construction increased by 2.2% quarter-on-quarter, six tenths more than in the previous quarter. And that of Services accelerated by nine tenths, to 0.9%.

On the other hand, primary branches recorded a quarter-on-quarter variation of 0.0%, compared to -0.4% in the previous quarter.

The year-on-year variation of GDP was 2.7% this quarter, a rate similar to that of the previous quarter.

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

In terms of demand aggregates, final consumption expenditure accelerated by one tenth compared with the previous quarter, increasing by 3.0% year-on-year. Household expenditure recorded a rate of 3.1%, similar to the previous quarter, while expenditure by Public Administrations recorded a rate of 2.5%, one tenth higher than in the previous quarter.

On the other hand, gross capital formation recorded a variation of 5.9%, a rate 1.6 points lower than the previous quarter.

Exports of goods and services recorded a year-on-year rate of 3.8%, eight tenths above the third quarter rate. Meanwhile, imports recorded a variation of 6.5%, one tenth lower 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 grew by 2.6%, and within these branches, the manufacturing industry increased by 1.9%.

The gross value added of Construction rose by 7.2% for the year-on-year and that of Services by 3.0%. On the other hand, the primary branches showed a rate of –0.6%.

GDP at current prices increased by 6.7% year-on-year, one point above the previous quarter. In quarter-on-quarter terms, it increased by 3.0%.

The GDP deflator grew by 3.9% year-on-year, a rate one point higher than the previous quarter. In quarter-on-quarter terms, it increased by 2.1%.

In terms of income, employee compensation went up by 7.8% in the year-on-year, with 3.2% growth in the number of full-time equivalent jobs for employees, and a 4.5% increase in the average compensation per full-time equivalent jobs for employees. In quarter-on-quarter rates, total compensation increased by 3.1%, and the number of full-time equivalent jobs of employees increased by 0.7%. Average compensation rose by 2.4%.

On the other hand, gross operating surplus/gross mixed income grew by 4.2% year-on-year, seven tenths higher than the third quarter. In quarter-on-quarter terms, it varied by 2.0%.

Finally, the amount accrued in taxes on production and net imports of subsidies recorded a year-on-year increase of 12.2%, compared to 8.8% in the previous quarter. In quarter-on-quarter terms, it increased by 6.6%.

The number of 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 -0.1% this quarter, and productivity per hour actually worked, of 0.5%. In quarter-on-quarter terms, these rates were 0.6% 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.

The results published today also incorporate all the current information available since last 30 January (date of dissemination of the advance results of the fourth quarter of 2025) 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, December) 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 24 March, and on the General Government Accounts, which will be released on 31 March 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 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.