CdM | The General Council of Economists of Spain (CGE) presented on Monday the Financial Observatory and Economic Keywords Report for the second half of 2025, prepared by the Financial Commission and the CGE Research Service. The presentation ceremony was attended by the Vice-President of Bolsas y Mercados Españoles (BME) David María Jiménez-Blanco, as well as presentations by Miguel Ángel Vázquez Taín, President of the General Council of Economists of Spain, the President of the Financial Commission of the aforementioned Council, Antonio Pedraza, the coordinators of the Financial Observatory, Montserrat Casanovas and Salustiano Velo, and the Director of the CGE Research Service, Salvador Marín.
The study confirms that the Spanish economy has maintained solid growth in 2025, with a cumulative GDP variation of 2.8%, although seven tenths lower than in 2024. Looking ahead to 2026, the General Council of Economists forecasts growth of between 2.1% and 2.4%, in a context of moderate growth and with the external sector as the main unknown factor.
According to the forecasts included in the report, by 2026 the average CPI is estimated to be 2.2%, the unemployment rate around 9.5%, the public deficit 2.5% of GDP and public debt 99.2%.
During the second half of 2025, Spain showed greater dynamism than the EU average, with quarter-on-quarter growth of 0.6% and 0.8% in the last two quarters of the year, compared to 0.3% for the European average. Domestic demand was the main driver of growth, while the contribution of the external sector was negative.
