Spain | GDP grew by 0.6% q/q in Q1 2025, below expectations.

Summary

The economy slowed and grew less than expected in Q1 2025 (0.6% q/q), mainly due to sluggish consumption and weaker-than-estimated investment momentum. Growth was accompanied by higher employment, although with fewer hours worked and mixed signals on productivity.

Key points

• Key points:
• The economy slowed and grew less than expected.
• Domestic demand moderated its momentum and external demand improved in Q1 2025.
• Consumption is losing momentum, while investment and total exports are leading the growth figures.
• Fewer hours worked and higher employment, with mixed signals on productivity.

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