The Spanish economy grew by 0.7% quarter-on-quarter in Q2 2026, slightly above the 0.6% increase recorded in Q1 and in line with the preliminary estimate. Domestic demand contributed 1.1 percentage points to overall growth, while external demand subtracted 0.5 percentage points.
On the expenditure side, both household consumption and investment strengthened. Household spending rose by 0.7%, up from 0.6% in Q1, and gross fixed capital formation accelerated to 1.4% from 1.0%. Public spending maintained the same pace as in the previous quarter, increasing by 0.5%.
Foreign trade also showed greater dynamism. Exports increased by 1.0%, compared with 0.9% in Q1, while imports rebounded sharply, rising 2.6% after being flat in the previous quarter.
From the production perspective, all major sectors expanded except agriculture, forestry and fishing, which slipped by 0.1% after a strong 4.2% rise in Q1. Industrial output grew by 0.7%, up from 0.5%, services maintained steady growth of 0.7%, and construction returned to growth, advancing 1.0% after a 0.3% decline in the previous quarter.
Year-on-year, GDP increased by 2.6% in Q2, matching the (downwardly revised) 2.6% growth rate in Q1 and slightly below the preliminary estimate of 2.7%. The OECD recently revised its forecast for Spain’s GDP growth in 2026 to 2.6%, in line with the government’s projection.
