Spain Q1 GDP Growth Stronger than Expected

2026-04-30 07:13 By Agna Gabriel 1 min. read

Spain’s GDP grew by 0.6% in the first quarter of 2026, more than market expectations of 0.5% and compared with 0.7% in the previous period.

Domestic demand remained the main driver, contributing 0.4 pp to growth, while external demand added 0.2 pp.

Household consumption rose by 0.6%, while public spending increased by 0.2%.

Investment showed only modest momentum, with gross capital formation edging up by 0.1%.

On the external side, exports declined by 0.5%, a notable slowdown from the previous quarter, while imports dropped more sharply by 1.2%.

From the supply perspective, all major sectors posted positive contributions.

Industrial activity grew by 0.4%, with manufacturing accelerating to a 0.5% increase.

Construction expanded marginally by 0.1%, losing significant momentum.

Services remained solid, though slightly weaker, at 0.7%.

Meanwhile, primary sectors rebounded strongly, rising 3.3%.

Year-on-year, GDP increased by 2.7%, slightly improving from the previous quarter.



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