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 rose by 0.6% in the third quarter compared with the previous quarter. This rate was two tenths lower than that of the second quarter of 2025.

Domestic demand contributed by 1.2 points to quarter-on-quarter GDP growth. On the other hand, external demand contributed by -0.6 points.

By demand aggregates, household final consumption expenditure rose by 1.2% and that of Public Administrations by 1.1%. On the other hand, gross fixed capital formation recorded a variation of 1.7%.

Exports of goods and services recorded a year-on-year rate of -0.6%, 1.9 points lower than in the second quarter. Meanwhile, imports showed a variation of 1.1%, a rate that was five tenths less than that of the previous quarter.

On the supply side, all major sectors of activity showed positive gross value-added rates, except for the primary branches. Thus, industrial branches rose by 0.5% in the quarter-on-quarter rate. Among them, manufacturing slowed by two tenths compared with the previous quarter, to a growth of 0.6%.

The gross value added of Construction increased by 0.8% quarter-on-quarter, 1.6 points less than in the previous quarter. That of Services slowed to two tenths, to 0.8%.

On the other hand, primary branches recorded a quarter-on-quarter variation of -0.4%, compared to -6.6% in the previous quarter.

The year-on-year GDP variation was 2.8% for this quarter, two tenths lower than that of the previous quarter.

Domestic demand contributed 3.7 points to year-on-year GDP growth. On the other hand, external demand contributed -0.8 points.

By demand aggregates, the growth in final consumption expenditure fell by two tenths of a percentage point compared to the previous quarter, growing by 2.8% year-on-year. Household spending was similar to that of the second quarter, with a rate of 3.3%, while Public Administration spending reported a rate of 1.3%, six tenths less than the previous quarter.

On the other hand, gross fixed capital formation recorded a variation of 7.6%, a rate 1.7 points higher than in the previous quarter.

Exports of goods and services recorded a year-on-year rate of 3.2%, nine tenths higher that the second quarter. Meanwhile, imports showed a variation of 6.1%, a similar rate to that of the previous quarter.

From the supply perspective, all major activity sectors recorded positive year-on-year rates in their gross value added, except for the primary branches. Thus, the gross value added of the industrial branches grew by 3.0%, and within these branches, manufacturing increased by 2.9%.

The gross value added of Construction increased by 6.1% compared to the third quarter of 2024, and that of Services by 3.2%. That of the primary branches varied by -2.2%.

The GDP at current prices increased by 5.7% year-on-year, one tenth higher than in the previous quarter. In quarter-on-quarter terms, it increased by 1.4%.

The GDP deflator rose by 2.8% year-on-year, a rate three tenths above the previous quarter. In quarter-on-quarter rate terms, it increased by 0.7%.

In terms of income, employee compensation increased by 6.9% year-on-year, with a 3.3% increase in the number of full-time equivalent jobs for employees, and a 3.5% increase in the average compensation per full-time equivalent jobs for employees. In quarter-on-quarter rates, total compensation increased by 1.6%, while the number of full-time equivalent jobs for employees presented a rate of 1.0%. The average salary recorded 0.6% growth.

On the other hand, gross operating surplus / gross mixed income increased by 3.8% year-on-year, one tenth lower than in the second quarter. In quarter-on-quarter terms, the surplus increased by 0.6%.

Finally, the amount accrued in taxes on production and net imports of subsidies recorded a year-on-year increase of 7.8%, compared to 5.8% in the previous quarter. In quarter-on-quarter terms, it increased by 3.5%.

The number of hours actually worked grew by 2.5% year-on-year this quarter, nine tenths more than in the previous quarter. In quarter-on-quarter terms, it varied by 1.0%.

Full-time equivalent jobs grew by 3.3% year-on-year, one tenth lower than in the previous quarter. In quarter-on-quarter terms, the variation was 1.0%.

On the other hand, productivity per full-time equivalent job recorded a year-on-year rate of -0.5% this quarter, and productivity per hour actually worked, of 0.3%. In quarter-on-quarter terms, both rates were -0.4%.

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 2029.