The National Statistics Institute has reduced the forecast for Spanish GDP growth for 2025, now set at 2.6%. For 2024, growth rises to 3.7%.
The National Statistics Institute (INE) has revised downwards, by two tenths, the growth of Spain's Gross Domestic Product (GDP) for the year 2025, leaving it at 2.6%. This correction occurs within the framework of the regular review of national accounts, as reported by expansion.com.
With this adjustment, the estimate of GDP at current prices for 2025 reaches 1,693,738 million euros, 0.5% more than the initially estimated figure. Additionally, the INE has raised the growth forecast for 2024 by two tenths, now set at 3.7%, while for 2023, growth has been cut to 2.4%.
The INE has indicated that these adjustments are due to a lower contribution from domestic and external demand to GDP growth. The year-on-year change in final consumption expenditure has been revised down to 2.9%. On the other hand, gross capital formation has seen an increase in its rate to 6%, driven by notable growth in inventories.
Regarding exports, an increase of 2.6% is expected, lower than the previously estimated 3.6%. Imports have also grown, but at a more moderate pace of 5.5%.
The employment growth rate remains at 2.8%, while hours worked have increased by 2%. Productivity, measured by the ratio of the GDP growth rate in volume to the hours worked, increased by 0.6%.
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