Spain’s GDP grows 0.7% as consumer spending jumps

Spain’s economy expanded by 0.7% in the second quarter of 2026, driven by household spending and investment. Gross domestic product was 2.6% higher than a year earlier, figures released in Madrid on Friday by the National Statistics Institute show. It is the 24th consecutive quarter in which the economy has grown from the previous three months.

Spending and investment drive growth

Domestic demand added 1.1 points to quarterly GDP growth, while overseas demand cut half a point from the total.

Household consumption rose 1.2% from the first quarter. Investment increased by 1.4%, including a 0.5% rise in housing and construction investment and a 3% increase in intellectual-property products. Public spending grew by 0.5%.

Exports rose 1% between April and June, but imports climbed faster, increasing by 2.6%.

Government keeps 2.6% annual target

The annual growth rate of 2.6% matches the revised figure for the first quarter. Spain has now recorded year-on-year growth for 21 straight quarters.

Domestic demand contributed 3.5 points to annual growth, while external demand subtracted nine-tenths of a point. The Ministry of Economy, Trade and Business said growth so far this year stands at 2.2%, supporting the government’s forecast of 2.6% growth for the full year.

Topics: Jobs & labour · Politics · Economy

Source: Europa Press / Mallorca.com