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 consumption to 2.1 pp (versus 2.2 pp in Q2) and the advance of gross fixed capital formation to 1.6 pp (versus 1.1 pp). This occurred at a time when the negative contribution of the external sector was accentuated, explained by the lower year-on-year contribution of exports of goods and services at 1.2 pp (versus 1.6 pp in Q2) and a stabilisation of imports.
