Spain's economy grew by 16.7 percent on quarter in the three months to September 2020, the most since comparable records began in 1995 and compared with a record contraction of 17.8 percent in the previous period, a preliminary estimate showed. The GDP reading also beat market expectations of a 13.5 percent expansion, as demand and activity recovered following the relaxation of restrictive measures during the summer. Household consumption surged 20.7 percent (vs -20.4 percent in Q2) and fixed investment jumped 19.9 percent (vs -22.1 percent in Q2). In addition, public spending rose 1.1 percent (vs 0.3 percent in Q2) and net external demand contributed positively to the GDP as exports increased more than imports. Still, year-on-year, the economy shrank by 8.7 percent, compared to a record 21.5 percent contraction in the previous period and leaving the Spanish economy 9.1 percent below pre-pandemic levels. source: National Statistics Institute (INE)

GDP Growth Rate in Spain averaged 0.46 percent from 1995 until 2020, reaching an all time high of 16.70 percent in the third quarter of 2020 and a record low of -17.80 percent in the second quarter of 2020. This page provides the latest reported value for - Spain GDP Growth Rate - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. Spain GDP Growth Rate - data, historical chart, forecasts and calendar of releases - was last updated on December of 2020.

GDP Growth Rate in Spain is expected to be -3.40 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate GDP Growth Rate in Spain to stand at 2.50 in 12 months time. In the long-term, the Spain GDP Growth Rate is projected to trend around 1.50 percent in 2021 and 0.70 percent in 2022, according to our econometric models.

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Spain GDP Growth Rate

Actual Previous Highest Lowest Dates Unit Frequency
16.70 -17.80 16.70 -17.80 1995 - 2020 percent Quarterly


Calendar GMT Actual Previous Consensus TEForecast
2020-06-30 07:00 AM QoQ Final Q1 -5.2% 0.4% -5.2% -5.2%
2020-07-31 07:00 AM QoQ Flash Q2 -18.5% -5.2% -16.6% -14.6%
2020-09-23 07:00 AM QoQ Final Q2 -17.8% -5.2% -18.5% -18.5%
2020-10-30 08:00 AM QoQ Flash Q3 16.7% -17.8% 13.5% 14.2%
2020-12-23 08:00 AM QoQ Final Q3 -17.8% 16.7% 16.7%
2021-02-01 08:00 AM QoQ Flash Q4
2021-03-31 07:00 AM QoQ Final Q4
2021-04-30 07:00 AM QoQ Flash Q1
Go to our Calendar for more events. Or learn more about the Calendar API for direct access.


News Stream
Spain Q3 GDP Growth Beats Expectations
Spain's economy grew by 16.7 percent on quarter in the three months to September 2020, the most since comparable records began in 1995 and compared with a record contraction of 17.8 percent in the previous period, a preliminary estimate showed. The GDP reading also beat market expectations of a 13.5 percent expansion, as demand and activity recovered following the relaxation of restrictive measures during the summer. Household consumption surged 20.7 percent (vs -20.4 percent in Q2) and fixed investment jumped 19.9 percent (vs -22.1 percent in Q2). In addition, public spending rose 1.1 percent (vs 0.3 percent in Q2) and net external demand contributed positively to the GDP as exports increased more than imports. Still, year-on-year, the GDP shrank by 8.7 percent, compared to a record 21.5 percent contraction in the previous period and leaving the Spanish economy 9.1 percent below pre-pandemic levels.
2020-10-30
Spain GDP Contraction Revised Lower
Spain’s GDP shrank by 17.8 percent on quarter in the three months to June of 2020, lower than an 18.5 percent plunge in the advance estimate and compared to the previous period's 5.2 percent drop. Still, it is the biggest contraction ever, pushing the economy into a recession, triggered by one of Europe's strictest coronavirus lockdowns. Household consumption slumped 20.4 percent (vs -6.8 percent in Q1) and fixed investment tumbled 22.1 percent (vs -4.8 percent). On an annual basis the GDP contracted by a record 21.5 percent and compared to earlier estimates of a 22.1 percent fall.
2020-09-23
Spain Records Historic Fall in GDP in Q2
Spain's gross domestic product shrank by 18.5 percent on quarter in the three months to June 2020, the steepest contraction on record and compared to market expectations of a 16.6 percent fall, a preliminary estimate showed. The contraction was triggered by one of Europe's strictest coronavirus lockdowns, dragging the country to the steepest recession ever.
2020-07-31
Spain GDP Contracts the Most on Record
Spain's economy shrank 5.2 percent on quarter in the first three months of 2020, the most since the series began in 1995 and compared to the previous period's 0.4 percent growth, as the Covid-19 pandemic forced the government to impose lockdown measures from mid-March. Household consumption slumped 6.6 percent (vs 0.1 percent in Q4) and fixed investment tumbled 5.7 percent (vs -1.2 percent in Q4). On an annual basis the GDP contracted 4.1 percent, the largest decline in output since the second quarter of 2009.
2020-06-30

Spain GDP Growth Rate
Spain is the fourth largest economy in the Euro Zone and the fifth biggest economy in the European Union. The country has a strong and diverse manufacturing industry and is one of the biggest tourist destinations in the world. On the expenditure side, household consumption is the main component of Spain's GDP (58 percent), followed by gross fixed capital formation (21 percent) and government expenditure (18 percent). Within investments, tangible fixed assets account for 18 percent of GDP, including construction (10 percent) and machinery, equipment and weapon system (7 percent); and intellectual property products account for the remaining 3 percent. Exports of goods and services account for 34 percent of GDP while imports account for 31 percent, adding 3 percent of total GDP.