Spain's economy grew by 3.8 percent year-on-year in the first quarter of 2023, following an upwardly revised 2.9 percent expansion in the previous period and easily beating market expectations of 3.0 percent, a preliminary estimate showed. Net external demand added 2.5 percentage points to the GDP growth as exports jumped 10.2 percent and imports rose at a softer 4.0 percent. On the other hand, growth rates slowed for household consumption (1.5 percent vs 2.9 percent in Q4), fixed investment (0.8 percent vs 2.4 percent) and public spending (1.3 percent vs 2.5 percent) as stubbornly high inflation and higher interest rates hurt demand and activity. source: National Statistics Institute (INE)

GDP Annual Growth Rate in Spain averaged 1.96 percent from 1996 until 2023, reaching an all time high of 17.90 percent in the second quarter of 2021 and a record low of -21.90 percent in the second quarter of 2020. This page provides the latest reported value for - Spain GDP Annual Growth Rate - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. Spain GDP Annual Growth Rate - data, historical chart, forecasts and calendar of releases - was last updated on June of 2023.

GDP Annual Growth Rate in Spain is expected to be 0.10 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the Spain GDP Annual Growth Rate is projected to trend around 1.80 percent in 2024 and 2.00 percent in 2025, according to our econometric models.

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Spain GDP Annual Growth Rate

Calendar GMT Actual Previous Consensus TEForecast
2023-03-24 08:00 AM YoY Final Q4 2.6% 4.7% 2.7% 2.7%
2023-04-28 07:00 AM YoY Flash Q1 3.8% 2.9% 3% 2.8%
2023-06-23 07:00 AM YoY Final Q1 2.9% 3.8% 3.8%

Related Last Previous Unit Reference
GDP Growth Rate 0.50 0.40 percent Mar 2023
GDP Annual Growth Rate 3.80 2.90 percent Mar 2023
GDP Constant Prices 351617.00 345458.00 EUR Million Mar 2023
Gross Fixed Capital Formation 67197.00 66981.00 EUR Million Mar 2023
Full Year GDP Growth 5.50 5.50 percent Dec 2022
GDP from Public Administration 55566.00 57229.00 EUR Million Mar 2023
GDP from Manufacturing 41820.00 40767.00 EUR Million Mar 2023
GDP from Construction 17265.00 15968.00 EUR Million Mar 2023
GDP from Agriculture 9050.00 8980.00 EUR Million Mar 2023
GDP from Transport 80318.00 79680.00 EUR Million Mar 2023
GDP from Services 235532.00 239512.00 EUR Million Mar 2023

Spain GDP Annual Growth Rate
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.
Actual Previous Highest Lowest Dates Unit Frequency
3.80 2.90 17.90 -21.90 1996 - 2023 percent Quarterly