Spain’s economy expanded by 0.7% between April and June, accelerating from the 0.6% growth recorded in the previous quarter and maintaining an annual growth rate of 2.7%, according to preliminary figures released by the National Statistics Institute (INE).
The latest figures extend Spain’s run of quarterly economic expansion to 24 consecutive quarters, while year-on-year growth has now continued uninterrupted for 21 quarters.
The quarterly increase was also stronger than many economists had anticipated, with market forecasts having pointed to growth of around 0.6%.
The INE said domestic demand remained the principal engine of growth during the second quarter, contributing 0.6% points to GDP growth, while external demand added a further 0.1% points.
Compared with the same period a year earlier, domestic demand contributed 3.3% to overall economic growth, although weaker external demand reduced annual GDP growth by 0.6%.
The Ministry of Economy said the latest figures reflected the resilience of Spain’s economy, highlighting robust domestic demand, continued investment and a strong industrial sector despite what it described as a challenging international environment.
‘Spain sustains its growth momentum and continues to lead the major economies of the eurozone,’ the ministry said, noting that the global outlook remains affected by the consequences of the conflict involving Iran.
Economy Minister Carlos Cuerpo (main image) also welcomed the latest figures, describing them as evidence of an economy that continues to perform strongly despite international uncertainty.
‘This is solid growth, driven by investment,’ he said in a video statement (see below), while pointing to the impact that tensions in the Middle East have had on fuel prices and inflation. ALSO READ: Bank of Spain maintains growth outlook but raises inflation forecast amid Middle East tensions.
Household spending remained one of the strongest drivers of activity during the quarter, rising by 0.7% compared with the previous three months and by 3.2% over the past year, supported by the continued strength of Spain’s labour market.
Investment also maintained a positive trend. Gross fixed capital formation increased by 0.4% over the quarter and was 5.1% higher than a year earlier, with particularly strong growth in intellectual property products, up 7.7% year-on-year, and construction investment, which rose 5.2%.
According to the Economy Ministry, the latest data leave Spain with accumulated growth of 2.2% so far this year, strengthening expectations that the government can achieve its full-year GDP growth forecast of 2.6%. ALSO READ: Spain raises 2026 growth forecast to 2.6% despite Middle East conflict.
Spain’s economy grew by 2.8% in 2025, making it one of Europe’s strongest-performing major economies, helped in part by record tourism and resilient domestic demand. ALSO READ: Confirmed: Spanish economy grew 2.8% in 2025, roughly double eurozone average.
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Contabilidad Nacional Trimestral de España (CNTR). Segundo trimestre 2026. Avance @es_INE
— INE España (@es_INE) July 30, 2026
El PIB registró una variación del 0,7% en el segundo trimestre respecto al trimestre anterior en términos de volumen. Esta tasa fue una décima superior a la del primer trimestre de 2026
Nota… pic.twitter.com/54ZLo6av5g
Terminamos julio con buenas noticias económicas:
— Carlos Cuerpo (@carlos_cuerpo) July 30, 2026
⬆️PIB acelera crecimiento al 0,7% en segundo trimestre
⬆️Registramos 22,6M ocupados, +500.000 nuevos al año por 6ºtrimestre consecutivo
↔️ Inflación sube 3 décimas, hasta 3,5%, contenida por los descuentos vigentes en carburantes pic.twitter.com/XbviFhjamA
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