Spain's GDP grew by 0.4 percent on quarter in the three months to December 2020, following a record 16.4 percent advance in the previous period and compared to market expectations of a 1.5 percent contraction as the impact of tightening COVID-19 restrictions since November was less severe. Household consumption slowed (2.5 percent vs 20.8 percent) and fixed investment declined (-3.1 percent vs 21.7 percent) while public spending rose faster (4 percent vs 1.2 percent). Meantime, net external demand contributed negatively to GDP as exports fell 1.4 percent (vs 29.9 percent in Q3) while imports went 0.4 percent (vs 27 percent in Q3). Year-on-year, the GDP shrank by 9.1 percent in Q4, after a 9 percent drop in Q3 but less than a consensus of a 10.8 percent contraction. In 2020, output fell 11 percent, the most on record and not far from a government projection for an 11.2% decline. source: National Statistics Institute (INE)

GDP Growth Rate in Spain averaged 0.45 percent from 1995 until 2020, reaching an all time high of 16.40 percent in the third quarter of 2020 and a record low of -17.90 percent in the second quarter of 2020. This page provides the latest reported value for - Spain GDP Growth Rate - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. Spain GDP Growth Rate - data, historical chart, forecasts and calendar of releases - was last updated on March of 2021.

GDP Growth Rate in Spain is expected to be -0.70 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate GDP Growth Rate in Spain to stand at 2.00 in 12 months time. In the long-term, the Spain GDP Growth Rate is projected to trend around 0.50 percent in 2022 and 0.60 percent in 2023, according to our econometric models.

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Spain GDP Growth Rate

Actual Previous Highest Lowest Dates Unit Frequency
0.40 16.40 16.40 -17.90 1995 - 2020 percent Quarterly


Calendar GMT Actual Previous Consensus TEForecast
2020-09-23 07:00 AM QoQ Final Q2 -17.8% -5.2% -18.5% -18.5%
2020-10-30 08:00 AM QoQ Flash Q3 16.7% -17.8% 13.5% 14.2%
2020-12-23 08:00 AM QoQ Final Q3 16.4% -17.9% 16.7% 16.7%
2021-01-29 08:00 AM QoQ Flash Q4 0.4% 16.4% -1.5% -1.6%
2021-03-26 07:00 AM QoQ Final Q4 16.4% 0.4% 0.4%
2021-04-30 07:00 AM QoQ Flash Q1 -0.7%
2021-06-24 07:00 AM QoQ Final Q1
2021-07-30 07:00 AM QoQ Flash Q2 0.8%


News Stream
Spain Economy Avoids Contraction in Q4
Spain's GDP grew by 0.4 percent on quarter in the three months to December 2020, following a record 16.4 percent advance in the previous period and compared to market expectations of a 1.5 percent contraction as the impact of tightening COVID-19 restrictions since November was less severe. Household consumption slowed (2.5 percent vs 20.8 percent) and fixed investment declined (-3.1 percent vs 21.7 percent) while public spending rose faster (4 percent vs 1.2 percent). Meantime, net external demand contributed negatively to GDP as exports fell 1.4 percent (vs 29.9 percent in Q3) while imports went 0.4 percent (vs 27 percent in Q3). Year-on-year, the GDP shrank by 9.1 percent in Q4, after a 9 percent drop in Q3 but less than a consensus of a 10.8 percent contraction. In 2020, output fell 11 percent, the most on record and not far from a government projection for an 11.2% decline.
2021-01-29
Spain Q3 GDP Growth Revised Lower
Spain's quarterly economic growth was revised lower to 16.4 percent in the third quarter of 2020, from a preliminary estimate of 16.7 percent. Still, that was the steepest pace of expansion since comparable records began in 1995, following a record contraction of 17.9 percent in the previous period, as demand and activity recovered following the relaxation of restrictive measures during Summer. Household consumption surged 20.8 percent (vs -20.7 percent in Q2) and fixed investment jumped 21.7 percent (vs -20.6 percent in Q2). In addition, public spending rose 1.2 percent (vs 0.3 percent in Q2) and net external demand contributed positively to the GDP as exports increased more than imports. Year-on-year, the GDP shrank 9.0 percent, compared to a record 21.6 percent contraction in the previous period.
2020-12-23
Spain Q3 GDP Growth Beats Expectations
Spain's economy grew by 16.7 percent on quarter in the three months to September 2020, the most since comparable records began in 1995 and compared with a record contraction of 17.8 percent in the previous period, a preliminary estimate showed. The GDP reading also beat market expectations of a 13.5 percent expansion, as demand and activity recovered following the relaxation of restrictive measures during the summer. Household consumption surged 20.7 percent (vs -20.4 percent in Q2) and fixed investment jumped 19.9 percent (vs -22.1 percent in Q2). In addition, public spending rose 1.1 percent (vs 0.3 percent in Q2) and net external demand contributed positively to the GDP as exports increased more than imports. Still, year-on-year, the GDP shrank by 8.7 percent, compared to a record 21.5 percent contraction in the previous period and leaving the Spanish economy 9.1 percent below pre-pandemic levels.
2020-10-30
Spain GDP Contraction Revised Lower
Spain’s GDP shrank by 17.8 percent on quarter in the three months to June of 2020, lower than an 18.5 percent plunge in the advance estimate and compared to the previous period's 5.2 percent drop. Still, it is the biggest contraction ever, pushing the economy into a recession, triggered by one of Europe's strictest coronavirus lockdowns. Household consumption slumped 20.4 percent (vs -6.8 percent in Q1) and fixed investment tumbled 22.1 percent (vs -4.8 percent). On an annual basis the GDP contracted by a record 21.5 percent and compared to earlier estimates of a 22.1 percent fall.
2020-09-23

Spain GDP Growth Rate
Spain is the fourth largest economy in the Euro Zone and the fifth biggest economy in the European Union. The country has a strong and diverse manufacturing industry and is one of the biggest tourist destinations in the world. On the expenditure side, household consumption is the main component of Spain's GDP (58 percent), followed by gross fixed capital formation (21 percent) and government expenditure (18 percent). Within investments, tangible fixed assets account for 18 percent of GDP, including construction (10 percent) and machinery, equipment and weapon system (7 percent); and intellectual property products account for the remaining 3 percent. Exports of goods and services account for 34 percent of GDP while imports account for 31 percent, adding 3 percent of total GDP.