Economic growth
The Spanish economy is projected to grow by 2,7% year-on-year in the second quarter of 2026, according to data from the National Statistics Institute (INE), reinforcing the strength of domestic demand as the main driver of economic activity. The Spanish Chamber of Commerce maintains its forecasts for 2026 and 2027, although it warns of geopolitical risks.
The Spanish economy has registered a year-on-year growth of 2,7% in the second quarter of 2026, an identical rate to that of the previous quarter, according to the advance of the National Accounts published by the INEThis dynamism, which translates into a quarterly increase of 0,7%, is primarily supported by strong domestic demand. In this context, the Cámara de España It maintains its growth forecasts at 2,3% for 2026 and 2,0% for 2027, although it stresses the need to improve productivity and reduce public debt.
Keys to growth: consumption and investment
La national demand It is consolidating its position as the pillar of economic growth, contributing 3,3 percentage points to GDP. The most prominent component has been the household consumptionwhich maintained a solid year-on-year increase of 3,2% and accelerated its quarterly pace to 0,7%. This boost was further bolstered by spending from Administraciones Públicas, with a year-on-year increase of 2,7%.
Meanwhile, investment maintained a positive trend despite international uncertainty. Gross fixed capital formation grew by 5,1% year-on-year. Within this aggregate, investment in housing and other construction stood out (+5,2% year-on-year), while investment in machinery and equipment advanced by 3,0%, although this slowed by three-tenths of a percentage point compared to the previous quarter.
The external sector moderates its contribution
Externally, exports of goods and services showed a slight quarterly recovery (+0,8%), but their year-on-year growth rate moderated to 0,3%. Imports also increased, rising by 2,1% year-on-year. As a result, the contribution of external demand to GDP growth remained negative, although its impact decreased by two-tenths of a percentage point to -0,6 percentage points.
The labor market and productivity show signs of improvement
The labor market continued its positive trend, albeit with a slight moderation. Employment grew by 2,3% year-on-year, representing the creation of approximately 481.000 full-time equivalent jobs in the last year. This slower pace of job creation, combined with strong GDP growth, has allowed for an improvement in apparent labor productivity , which advanced by 0,4% year-on-year, reversing the weakness of previous quarters.
| Indicator | Growth Rate |
|---|---|
| GPD | + 2,7 % |
| National Demand Contribution | +3,3 pp |
| Household Consumption | + 3,2 % |
| Gross Fixed Capital Formation (Investment) | + 5,1 % |
| Exports of Goods and Services | + 0,3 % |
| Imports of Goods and Services | + 2,1 % |
| Occupation (Equivalent Job Positions) | + 2,3 % |
Perspectives of the Spanish Chamber of Commerce: challenges and opportunities
From Cámara de España The resilience of the economy in a complex global environment is assessed. However, significant risks are identified, such as tensions in the Middle East and their potential impact on energy markets and shipping routes. Added to this is the exposure of European industrial supply chains to the availability of critical raw materials and minerals.
In this scenario, the organization highlights that Spanish companies are making progress in strategies to diversification of markets and suppliers to strengthen their resilience. In parallel, the importance of the Unión Europea continue to strengthen strategic trade agreements, such as those signed with Mercosur and Indiato generate new business opportunities and diversify trade flows in the medium term.
Finally, the Cámara de España It insists on two internal strategic priorities: the improvement of productivity and a credible fiscal consolidation strategyA model based on business growth, investment, innovation, and the strengthening of human capital is advocated, positioning businesses as the engine of the economy. Likewise, public finance management focused on spending efficiency is championed, rather than resorting to further increases in the tax burden.
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