Overview

• Spain’s GDP grew by 0.6% in the first quarter of 2025, easing one-tenth from the previous period and slowing annual growth to 2.8%.
• Domestic demand contributed 0.5 percentage point to quarterly expansion, while the external sector added 0.1 point.
• Household consumption rose 0.6% and investment in equipment advanced 0.9%, buoyed by a rebound in construction activity.
• Exports of goods and services increased by 1.7% and imports climbed by 1.6% over the quarter.
• Spain’s performance surpassed Germany’s 0.4% and France’s 0.1% GDP gains, marking the strongest growth among major eurozone economies.