Spain's economy expanded by 0.6% quarter-on-quarter in Q3 2026, matching market expectations but easing slightly from 0.7% in the previous quarter, according to preliminary estimates. The data underscore the economy’s continued resilience in the face of mounting inflationary pressures.
On the demand side, household consumption grew by 0.6%, while government spending rose by 0.9%. Fixed investment remained weak, edging up only 0.1%. Net trade also contributed positively to growth, with exports increasing by 1.3% and outpacing imports, which were up 1.1%.
From a supply perspective, both industrial production and services output expanded by 0.7%, whereas construction activity was broadly flat. On an annual basis, GDP rose by 2.7%, in line with forecasts.
Earlier this month, Spain’s central bank reaffirmed its constructive outlook, projecting GDP growth of 2.6% in 2026—matching the rate recorded in 2025—before moderating to 2.2% in 2027. Robust private consumption and solid export performance are expected to remain key growth drivers, even as risks stemming from inflation, geopolitical tensions and higher bond yields persist.
