Key facts
- Spain's economy grew 0.7% in the second quarter.
- This growth rate surpassed the 0.6% forecast by analysts.
- The quarterly expansion accelerated from 0.6% in the prior period.
- Year-on-year GDP growth was 2.7%, exceeding the 2.5% estimate.
- Spain's government has raised its 2027 growth forecast to 2.2%.
Spain's economy demonstrated robust growth in the second quarter, expanding by 0.7%, according to preliminary data from the National Statistics Institute. This figure surpassed the 0.6% growth recorded in the first quarter and exceeded the 0.6% forecast by analysts polled by LSEG.
On an annual basis, Spain's Gross Domestic Product (GDP) grew by 2.7%, also exceeding the average estimate of 2.5%. The Spanish economy has been a strong performer in Europe, partly attributed to record tourism numbers. Last month, the government revised its 2027 growth estimate upward to 2.2% from 2.1%, projecting growth to remain above 2% through 2029. Economy Minister Carlos Cuerpo had previously indicated expectations for second-quarter GDP growth to be similar to, or slightly higher than, the first quarter.