Spain GDP Growth Rate

Last Release

Sep 30, 2024

Actual

0.8

Units In

0.8

Frequency

Quarterly

Next Release

Dec 23, 2024

Time to Release

1 Months 22 Days 7 Hours

Highest	Lowest	Average	Date Range	Source
16.8 Sep 2020	-17.7 Jun 2020	0.5 %	1995-2024	National Statistics Institute (INE)

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.

Latest Updates

The Spanish economy expanded 0.8% qoq in Q3 2024, the same as in Q2 and above forecasts of 0.6%, preliminary estimates showed. Consumer spending rose slightly more (1.1% vs 1%) and public expenditure increased the most since the Q1 2004 (2.2% vs 0.6%). In contrast, gross fixed capital formation contracted (-0.9% vs 0.4%), the first decline in four quarters, with investment in machinery, capital goods and weapons systems, transport material (-4.2%) and construction materials (-4.2%) recording the biggest decreases. On the expenditure side, all major sectors of the economy logged positive growth, except construction (-1.4% vs 0.6%)). Industry grew 0.2% (vs 1.1%) and services by 1.1% (vs 1.2%). Year-on-year, the economy grew 3.4%, the most since Q1 2023. The IMF forecasts that the Spanish economy will grow by 2.9% in 2024, building on a 2.5% expansion in 2023. The economy has been boosted by immigration, tourism, foreign investment, and public spending.