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 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 0.4 points 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 0.6% and that of Public Administrations by 0.2%. 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 -0.5%, 1.2 points lower than in the fourth quarter. Meanwhile, imports showed a variation of -1.2%, a rate 2.4 points lower 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 0.4% quarter-on-quarter. Within these branches, manufacturing industry presented an increase of 0.5%, which was four tenths higher than that of the previous quarter.

The gross value added of Construction increased by 0.1% quarter-on-quarter, 1.9 points less than in the previous quarter. That of Services dropped by to two tenths, to 0.7%.

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 that of the previous quarter.

Domestic demand contributed by 3.4 points to year-on-year GDP growth. On the other hand, external demand contributed by -0.7 points.

In terms of aggregate demand, final consumption expenditure fell by one tenth compared to the previous quarter, rising 2.9% in the year-on-year. Household expenditure reported a rate of 3.2%, an uptick of one tenth, while Public Sector expenditure stood at 2.0%, five tenths 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 recorded a year-on-year rate of 0.9%, 2.8 points lower than in the fourth quarter of 2025. Meanwhile, imports showed a variation of 3.1%, a rate 3.5 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 1.8%, and within these branches, the manufacturing industry increased by 1.8%.

The gross value added of Construction rose by 6.5% for the year-on-year and that of Services by 3.4%. On the other hand, that of the primary branches fell by 3.4%.

GDP at current prices increased by 6.0% year-on-year, seven tenths lower than the previous quarter. In quarter-on-quarter terms, it increased by 0.5%.

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

In terms of income, employee compensation went up by 7.2% in the year-on-year, with 3.3% growth in the number of full-time equivalent jobs for employees, and a 3.8% increase in the average compensation per full-time equivalent jobs for employees. In quarter-on-quarter rates, total compensation increased by 0.8%, while the number of full-time equivalent jobs for employees presented a rate of 0.8%. The average salary recorded 0.1% growth.

On the other hand, gross operating surplus/gross mixed income grew by 4.1% year-on-year, a similar rate to the previous quarter. In quarter-on-quarter terms, it increased by 1.5%.

Finally, the amount accrued in taxes on production and net imports of subsidies recorded a year-on-year increase of 8.2%, compared to 12.2% in the previous quarter. In quarter-on-quarter terms, it varied by -5.0%.

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, and productivity per hour actually worked, of 0.6%. In quarter-on-quarter terms, these rates were -0.2% and 1.0% respectively.

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.

Regarding data quality, Eurostat conducts an annual assessment of the quality of the National and Regional Accounts in accordance with Article 4 of the ESA 2010 Regulation (EU Regulation No. 549/2013) by analysing quality indicators relating to completeness, policy and practice of reviews, timeliness, consistency and documentation of methodology. The 2025 edition of the report, its most recent, can be consulted here.