Spanish GDP initiated a downward trend in 2008, with its lowest point in 2013, period of time in which Spain's GDP was down to 1,020 billion euros. The Spanish Gross Domestic Product steadily recovered since that year and peaked at 1,462 billion in 2023. The negative impact of the coronavirus pandemic on the economy is noticeable in the sudden plummet experienced by the Spanish GDP in 2020, when it dropped to 1,119 billion euros. Spain's GDP has also been analyzed by quarter.

The Gross Domestic Product (GDP) in Spain was worth 1620.09 billion US dollars in 2023, according to official data from the World Bank. The GDP value of Spain represents 1.54 percent of the world economy. This dataset provides the latest reported value for - Spain GDP - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

The Gross Domestic Product (GDP) in Spain expanded 0.80 percent in the fourth quarter of 2024 over the previous quarter. This dataset provides the latest reported value for - Spain GDP Growth Rate - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

According to the Bank of Spain's forecasts on the impact of the coronavirus (SARS-Cov-2) on the national gross domestic product (GDP), the Spanish economy will experience an outstanding recovery in the mid-term. In the best-case scenario, GDP could grow 8.6 and 4.8 percent in 2021 and 2022, respectively. Hence, the central bank's forecast closely match the one presented by the Government itself in May 2020, when the latter estimated that GDP would grow up to a 6.8 percent in 2021. Despite such remarkable recovery, the impact of the pandemic on the Spanish GDP in 2020 (which fell between 10.7 and 11.6 percent points depending on the scenario) will hinder the country's economy in the years to come.

Key information about Spain Real GDP Growth

• The Gross Domestic Product (GDP) in Spain expanded 2.7 % YoY in Dec 2022, following a growth of 4.8 % in the previous quarter.
• Real GDP Growth YoY data in Spain is updated quarterly, available from Mar 1996 to Dec 2022, with an average rate of 2.9 %.
• The data reached an all-time high of 17.9 % in Jun 2021 and a record low of -21.9 % in Jun 2020.

CEIC calculates quarterly Real GDP Growth from quarterly Real GDP Index. The National Statistics Institute provides Real GDP Index at chain linked 2015 prices.


Related information about Spain Real GDP Growth

• In the latest reports, Nominal GDP of Spain reached 352.1 USD bn in Dec 2022.
• Its GDP deflator (implicit price deflator) increased 5.2 % in Dec 2022.
• GDP Per Capita in Spain reached 27,002.6 USD in Dec 2020.
• Its Gross Savings Rate was measured at 21.3 % in Sep 2022.
• For Nominal GDP contributions, Investment accounted for 22.0 % in Dec 2022.
• Public Consumption accounted for 22.1 % in Dec 2022.
• Private Consumption accounted for 53.1 % in Dec 2022.

This statistic presents a forecast of the impact of the coronavirus crisis (COVID-19) on the projected national gross domestic product value for that year, based on different scenarios. Should a 30-day restriction nationwide apply with a drop in trade, hospitality, transport and leisure activities by 100 percent, the national GDP would see loses of over 55 billion euros.

This statistic shows the gross domestic product (GDP) per capita in Spain from 1987 to 2023, with projections up until 2029. GDP refers to the total market value of all goods and services that are produced within a country per year. It is an important indicator of the economic strength of a country. In 2023, the GDP per capita in Spain was around 33,071.35 U.S. dollars.

Spain's struggling economy

The Spanish economy is essential for the global market, as it remains one of the largest economies in the world as well as within Europe. The aftermath of the global financial crisis and the Eurozone crisis resulted in an economic collapse, which has yet to be completely resolved by the Spanish government. While unemployment has always been a general weakness for Spain, the occurrence of recent economic disasters has fueled the struggles in the country’s job market, resulting in a decade high unemployment rate. During the prime of both crises, not only millions of workers were laid off, but government spending also reached a new high, considerably exceeding national revenues earned. This not only resulted in further layoffs in the following years, but also burdened the country with almost double the amount of debt.

Prior to the crisis, the public already assumed that the Spanish economy would decline, however the public opinion of the situation became conclusive post 2009. The lack of consumer confidence is only further damaging the Spanish economy, as investors have already pulled much capital from the troubled nation and are hesitant to reinvest their money.

Spain GDP: VI: Services: Trade, Transport and Accommodation data was reported at 145.923 2020=100 in Dec 2024. This records a decrease from the previous number of 147.796 2020=100 for Sep 2024. Spain GDP: VI: Services: Trade, Transport and Accommodation data is updated quarterly, averaging 111.879 2020=100 from Mar 1995 (Median) to Dec 2024, with 120 observations. The data reached an all-time high of 147.796 2020=100 in Sep 2024 and a record low of 77.123 2020=100 in Jun 2020. Spain GDP: VI: Services: Trade, Transport and Accommodation data remains active status in CEIC and is reported by National Statistics Institute. The data is categorized under Global Database’s Spain – Table ES.A018: ESA 2010: GDP: by Industry: Chain Linked: 2020=100: Volume Index.

Ref. Year = 2020: GDP: Volume: Total Domestic Expenditure data was reported at 1,359.053 EUR bn in Dec 2026. This records an increase from the previous number of 1,352.266 EUR bn for Sep 2026. Ref. Year = 2020: GDP: Volume: Total Domestic Expenditure data is updated quarterly, averaging 739.324 EUR bn from Mar 1960 (Median) to Dec 2026, with 268 observations. The data reached an all-time high of 1,359.053 EUR bn in Dec 2026 and a record low of 168.388 EUR bn in Mar 1960. Ref. Year = 2020: GDP: Volume: Total Domestic Expenditure data remains active status in CEIC and is reported by Organisation for Economic Co-operation and Development. The data is categorized under Global Database’s Spain – Table ES.OECD.EO: GDP by Expenditure: Volume: Forecast: OECD Member: Quarterly.

Key information about Spain GDP Deflator Growth

• Spain GDP deflator (implicit price deflator) increased 5.2 % in Dec 2022, compared with an increase of 4.5 % in the previous quarter.
• Spain GDP Deflator Growth data is updated quarterly, available from Mar 1996 to Dec 2022, with an average rate of 2.0 %.
• The data reached an all-time high of 5.2 % in Dec 2022 and a record low of -0.9 % in Dec 2009.

CEIC calculates GDP Deflator Growth from quarterly Nominal GDP and quarterly Real GDP Index. National Statistics Institute provides Nominal GDP in EUR and Real GDP Chain-Linked Index with base 2015=100.


Related information about Spain GDP Deflator Growth

• In the latest reports, Spain GDP expanded 2.7 % YoY in Dec 2022.
• Its Nominal GDP reached 352.1 USD bn in Dec 2022.
• Spain GDP Per Capita reached 27,002.6 USD in Dec 2020.
• Its Gross Savings Rate was measured at 21.3 % in Sep 2022.

GDP: USD: PPP: 2020 Price data was reported at 2,236.584 USD bn in 2024. This records an increase from the previous number of 2,166.257 USD bn for 2023. GDP: USD: PPP: 2020 Price data is updated yearly, averaging 1,866.308 USD bn from Dec 1995 (Median) to 2024, with 30 observations. The data reached an all-time high of 2,236.584 USD bn in 2024 and a record low of 1,259.546 USD bn in 1995. GDP: USD: PPP: 2020 Price data remains active status in CEIC and is reported by Organisation for Economic Co-operation and Development. The data is categorized under Global Database’s Spain – Table ES.OECD.PDB: Gross Domestic Product: OECD Member: Annual.

The turnover of the total business economy, repair of computers, personal and household goods, except financial and insurance activities in Spain decreased by 251.6 billion euros (-11.75 percent) in 2020 in comparison to the previous year. Nevertheless, the last two years in this industry recorded a significant higher turnover than the preceding years.Turnover is defined by Eurostat as the total of all sales (excluding VAT) of goods and services carried out by the enterprises of a given sector during the reference period.Find more statistics on the total business economy, repair of computers, personal and household goods, except financial and insurance activities in Spain with key insights such as number of enterprises, production value, and personnel costs.

The Gross Domestic Product (GDP) in Spain expanded 3.40 percent in the fourth quarter of 2024 over the same quarter of the previous year. This dataset provides the latest reported value for - Spain GDP Annual Growth Rate - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

Both Spain and the members of the Organization for Economic Co-operation and Development (OECD) recorded a contraction of Gross Domestic Product (GDP) in 2020, followed by a remarkable high growth in the following year. The positive trend continued in 2023, with the Spanish economy growing 2.5 percent, while the OECD members recorded a 1.67 percent.

Graph and download economic data for Outstanding Total International Debt Securities to GDP for Spain (DDDM07ESA156NWDB) from 1980 to 2020 about issues, Spain, debt, and GDP.

Spain Coincident Economic Index: MoM data was reported at 0.437 % in Jan 2025. This records an increase from the previous number of 0.263 % for Dec 2024. Spain Coincident Economic Index: MoM data is updated monthly, averaging 0.203 % from Feb 1984 (Median) to Jan 2025, with 492 observations. The data reached an all-time high of 4.230 % in Jul 2020 and a record low of -6.256 % in Apr 2020. Spain Coincident Economic Index: MoM data remains active status in CEIC and is reported by The Conference Board. The data is categorized under Global Database’s Spain – Table ES.The Conference Board: Leading Economic Index. [COVID-19-IMPACT]

Graph and download economic data for Credit to Government and State-Owned Enterprises to GDP for Spain (DDEI08ESA156NWDB) from 2001 to 2020 about enterprises, Spain, credits, government, and GDP.

ES: GDP: CL 2020p: Imports of Goods and Services data was reported at 102.737 EUR bn in Sep 2024. This records a decrease from the previous number of 105.476 EUR bn for Jun 2024. ES: GDP: CL 2020p: Imports of Goods and Services data is updated quarterly, averaging 80.270 EUR bn from Mar 1995 (Median) to Sep 2024, with 119 observations. The data reached an all-time high of 105.476 EUR bn in Jun 2024 and a record low of 33.804 EUR bn in Sep 1995. ES: GDP: CL 2020p: Imports of Goods and Services data remains active status in CEIC and is reported by Eurostat. The data is categorized under Global Database’s Spain – Table ES.Eurostat: GDP: by Expenditure: ESA 2010: Chain Linked 2020 Price.

Spain GDP for 2023 was 1.581 trillion US dollars, a 11.49% increase from 2022.

• Spain GDP for 2022 was 1.418 trillion US dollars, a 1.93% decline from 2021.
• Spain GDP for 2021 was 1.446 trillion US dollars, a 13.11% increase from 2020.
• Spain GDP for 2020 was 1.278 trillion US dollars, a 8.33% decline from 2019.

GDP at purchaser's prices is the sum of gross value added by all resident producers in the economy plus any product taxes and minus any subsidies not included in the value of the products. It is calculated without making deductions for depreciation of fabricated assets or for depletion and degradation of natural resources. Data are in current U.S. dollars. Dollar figures for GDP are converted from domestic currencies using single year official exchange rates. For a few countries where the official exchange rate does not reflect the rate effectively applied to actual foreign exchange transactions, an alternative conversion factor is used.

The gross domestic product (GDP) in current prices in Spain was forecast to continuously increase between 2024 and 2029 by in total 414.4 billion U.S. dollars (+23.93 percent). After the seventh consecutive increasing year, the GDP is estimated to reach 2.1 trillion U.S. dollars and therefore a new peak in 2029. The gross domestic product at current prices is defined based upon the GDP in national currency converted to U.S. dollars using market exchange rates (yearly average). The GDP represents the total value of final goods and services produced during a year.Find more statistics on other topics about Spain with key insights such as the growth of the real the gross domestic product, the budget balance, and the average inflation rate.