Spanish economy

3. Public debt

Spanish public debt grows by 4.8% in 2025, accounting for 100% of GDP

According to data released by the Bank of Spain (BdE), Spain’s public debt increased by 4.8% in 2025 compared to 2024 (an increase of €78.108 billion), reaching €1,698,681 million. This represents a new record high for a year-end closing, although the figure remained below the monthly record of €1,709,330 million registered last September. Consequently, the total debt for all Public Administrations closed 2025 at 100.8% of GDP, which is 0.9…


BBVA Holvi

BBVA reports 4Q25 attributable profit of €2,533m, slight miss versus company consensus

Jefferies | BBVA reported 4Q25 attributable profit of €2,533m, which was a slight miss versus company consensus of €2,554m. PBT was a slight miss as well, with PPP a 2% beat. Group top line was a 2% beat, but partly offset by costs 3% higher than consensus. Impairments were a 9% miss. By geography, beats in Spain and Mexico, offset by Turkey missing. Final dividend of 60c per share announced….


Closed

77% of companies created this century no longer exist

Four out of every ten companies created in 2019—the year prior to the pandemic—failed to endure and were forced to close their doors. This percentage is still far from the “bloodbath” of the Great Recession: 73% of those set up in 2007, the year before the first major crisis of the 21st century, have disappeared. This is according to the latest report by Iberinform, which confirms that “business survival in…


exports gorgeous

Trade Deficit Surges 40% as Exports Stagnate

According to data published by the Ministry of Economy, Trade and Business, Spain’s trade deficit reached €51,481 million between January and November 2025 (11M2025), representing a spike of over 40% compared to the same period in 2024. The coverage rate (the percentage ratio of exports to imports) stood at 87.4% through November, down from the 90.8% recorded during the same period in 2024. In 11M2025, Spanish goods exports increased by…


renewables

Belgian Courts Seize €482 Million from Spanish State-Owned Enaire Over Unpaid Renewable Energy Awards

The Belgian justice system has ordered the seizure of €482.4 million linked to Eurocontrol payments destined for Enaire, the Spanish state-owned air navigation service provider. This measure serves as a mechanism to guarantee the collection of outstanding compensation owed to investors affected by retroactive cuts to renewable energy subsidies. The move follows legal actions taken by OperaFund, a fund that obtained a favorable ruling in 2019 from ICSID (the World…


Spanish banks credit lending

Government Caps Consumer Credit at 22%

To limit the cost of credit, the Government is using the APR (Annual Percentage Rate) as a reference, as this indicator reflects the final price paid by the customer, including all expenses associated with the loan. The APR offered by financial institutions may not exceed a specific maximum level, which will be set based on the average consumer credit rate published by the Bank of Spain, plus a margin depending…


sanchez ursula

90 of top 100 beneficiaries of European funds are public entities

Spain’s primary issue with the EU’s Next Gen funds is its low actual execution rate. The latest figures compiled by the General Comptroller of the State Administration (IGAE), closed as of November 2025, report that payments effectively made stand at less than €4.8 billion this year—representing only 27% of the total amount budgeted for the fiscal year. However, the bulk of direct EU transfers has already been disbursed, making it…


inflacion precios

Spanish inflation moderates 1/10 of a percentage point in December and closes 2025 with average of 2.7%

CdM | The Consumer Price Index (CPI) stood at 2.9% in the last month of the year, representing a moderation of one tenth of a percentage point in the year-on-year rate thanks to the fall in fuel costs, according to data released on Tuesday by the National Statistics Institute (INE). Inflation thus closed 2025 with an average of 2.7%, one tenth of a percentage point below the previous year. Specifically,…


supermercadoTC 777x437

Retail sales in Spain slow down in November, rising by 3.7%

CdM | Retail sales in November rose by 3.7% year-on-year, which is seven tenths of a percentage point below the previous month’s rate, according to data provided by the National Statistics Institute (INE). This marks the 17th consecutive month of growth in turnover. At constant prices, adjusted for seasonal and calendar effects, retail sales in November were up 6% on the same month last year. This rate was 2.1 points…


salaries spainTC

Spain’s GDP moderates by one tenth year-on-year to 2.8% in Q3 2025, lowest in almost two years

Singular Bank | According to the INE, in Q3 2025, our country’s GDP moderated its growth rate slightly to 0.6% in quarterly terms, after standing at 0.7% between April and June. Meanwhile, in year-on-year terms, the pace of growth in Spanish economic activity slowed by 0.1 pp to 2.8%, its lowest rate in almost two years. This trend can be explained by the moderation of the year-on-year contribution of final…