Briefing
The Instituto Nacional de Estadística (INE) published the annual revision of the National Accounts (Revisión Estadística 2024) on 18 September 2026. It shows that real gross domestic product GDP in Spain grew by 2.6 per cent in 2025 compared with 2024. This is two-tenths of a percentage point below the preliminary estimate reported in March 2026 in the Contabilidad Nacional Trimestral. At the same time, the INE has adjusted figures for previous years: it now reports growth of 3.7 per cent for 2024 and 2.4 per cent for 2023.
The revision is based on an expanded data set that includes updated foreign trade figures, government accounts, household survey results and more detailed company information from administrative registers. According to the INE, domestic demand remained the main driver of growth in 2025; private consumption was revised slightly downwards, while gross fixed capital formation was higher than previously estimated. The external balance deteriorated slightly, as imports rose more sharply than exports.
At current prices, the INE puts GDP for 2025 at 1,690,012 million euros and Renta Nacional Bruta at 1,693,738 million euros. The implicit GDP deflator was raised slightly, marginally increasing the nominal size of GDP. The INE emphasises that incorporating the figures into the Revisión Estadística 2024 and reconciling them with the Intervención General de la Administración del Estado and the Banco de España strengthen their methodological robustness.
The revision changes the overall picture of Spain’s economy only moderately: the country continues to grow strongly compared with many European counterparts, although growth in 2025 was slightly below the previous estimate. The adjusted time series are nevertheless relevant to budgetary and financial planning, as they provide a more accurate picture of tax bases, debt ratios and fiscal headroom. The figures and assessments given here are based on the official announcement by the Instituto Nacional de Estadística on 18 September 2026 and reports in Spanish media published around the same time.
Editor: Daniel Mayer (Article created with AI assistance).