The Spanish economy grows 0.7% in the second quarter and maintains forecasts

The National Institute of Statistics (INE) confirmed this Friday that the Spanish economy grew by 0.7% in the second quarter of the year, which lays the definitive foundations for the 2026 growth forecasts to be maintained.

Compared to the same quarter of the previous year, however, the increase remains at 2.6%, one tenth below what was expected in the provisional data, the result of the recent statistical review of growth in recent years carried out by the INE.

Household consumption grew by 1.2% in spring, accelerating the previous quarter's figure thanks to the boost "from the strength of the labor market", in the opinion of the Ministry of Economy.

The Government expects that 2026 will result in an increase of 2.6%, in line with the main international organizations.

The data repeats the 2025 figure, which was recently revised and which changed the composition of the main factors driving economic activity.

Value-added services, such as communications and other professional activities, performed better than expected at the end of the pandemic, while hospitality and commerce registered less strength than assumed.

Construction continues to perform poorly, below what is expected in an economy that is growing vigorously driven by population growth.