Spain's gross domestic product shrank by 18.5 percent on quarter in the three months to June 2020, the steepest period of contraction on record and compared to market expectations of a 16.6 percent fall, a preliminary estimate showed. The contraction was triggered by one of Europe's strictest coronavirus lockdowns, which dragged the country to its steepest recession ever.

GDP Growth Rate in Spain averaged 0.29 percent from 1995 until 2020, reaching an all time high of 1.60 percent in the first quarter of 2000 and a record low of -18.50 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 August of 2020. source: National Statistics Institute (INE)

GDP Growth Rate in Spain is expected to be 7.80 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 1.70 in 12 months time. In the long-term, the Spain GDP Growth Rate is projected to trend around 1.00 percent in 2021 and 0.60 percent in 2022, according to our econometric models.

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Spain GDP Growth Rate

Actual Previous Highest Lowest Dates Unit Frequency
-18.50 -5.20 1.60 -18.50 1995 - 2020 percent Quarterly


Calendar GMT Actual Previous Consensus TEForecast
2020-03-31 07:00 AM QoQ Final Q4 0.4% 0.4% 0.5% 0.5%
2020-04-30 07:00 AM QoQ Flash Q1 -5.2% 0.4% -4.4% -4.4%
2020-06-30 07:00 AM QoQ Final Q1 -5.2% 0.4% -5.2% -5.2%
2020-07-31 07:00 AM QoQ Flash Q2 -18.5% -5.2% -16.6% -14.6%
2020-09-23 07:00 AM QoQ Final Q2 -5.2% -18.5% -18.5%
2020-10-30 08:00 AM QoQ Flash Q3 7.8%
2020-12-23 08:00 AM QoQ Final Q3 7.8%


News Stream
Spain Records Historic Fall in GDP in Q2
Spain's gross domestic product shrank by 18.5 percent on quarter in the three months to June 2020, the steepest contraction on record and compared to market expectations of a 16.6 percent fall, a preliminary estimate showed. The contraction was triggered by one of Europe's strictest coronavirus lockdowns, dragging the country to the steepest recession ever.
2020-07-31
Spain GDP Contracts the Most on Record
Spain's economy shrank 5.2 percent on quarter in the first three months of 2020, the most since the series began in 1995 and compared to the previous period's 0.4 percent growth, as the Covid-19 pandemic forced the government to impose lockdown measures from mid-March. Household consumption slumped 6.6 percent (vs 0.1 percent in Q4) and fixed investment tumbled 5.7 percent (vs -1.2 percent in Q4). On an annual basis the GDP contracted 4.1 percent, the largest decline in output since the second quarter of 2009.
2020-06-30
Spain GDP Contracts at Record Pace
Spain's economy shrank 5.2 percent on quarter in the first three months of 2020, compared with market consensus of a 4.4 percent contraction, a preliminary estimate showed. That was the steepest contraction since the series began in 1995, as the Covid-19 pandemic forced the government to impose lockdown measures in mid-March. On an annual basis the GDP slumped 4.1 percent, worse than expectations of a 3.2 percent fall.
2020-04-30
Spain GDP Growth Revised Down to 0.4%
The Spanish economy advanced 0.4 percent on quarter in the last three months of 2019, the same as in the previous period but slightly below 0.5 percent in the initial estimate. Household spending slowed sharply (0.1 percent vs 0.8 percent in the previous quarter) while public expenditure advanced slightly faster (0.7 percent vs 0.6 percent). In contrast, gross fixed capital formation shrank 1.2 percent (+1.1 percent in the previous period); exports went up 0.6 percent (vs 0.1 percent) and imports dropped 0.8 percent (vs +1.4 percent). Year-on-year, the economy advanced 1.8 percent, below 1.9 percent in the previous period but matching preliminary figures. Considering full 2019, the GDP grew 2 percent, lower than a 2.6 percent gain in 2018.
2020-03-31

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.