Spain's economic growth eased to 2.5% in 2023, down from 5.8% and a record 6.4% in 2022 and 2021, respectively, due to a sharp rise in consumer prices, coupled with rising borrowing costs and weak global demand. Internal demand contributed 1.7 points to GDP growth in 2023, which is 1.2 points lower than the previous year. For its part, external demand presented a contribution of 0.8 points, which was 2.1 points less than in 2022. source: National Statistics Institute (INE)
Full Year GDP Growth in Spain averaged 1.99 percent from 1996 until 2023, reaching an all time high of 6.40 percent in 2021 and a record low of -11.20 percent in 2020. This page includes a chart with historical data for Spain Full Year GDP Growth. Spain Full Year GDP Growth - data, historical chart, forecasts and calendar of releases - was last updated on November of 2024.
Full Year GDP Growth in Spain is expected to reach 2.80 percent by the end of 2024, according to Trading Economics global macro models and analysts expectations. In the long-term, the Spain Full Year GDP Growth is projected to trend around 2.10 percent in 2025 and 1.90 percent in 2026, according to our econometric models.