Javier Molina, Markets analyst at eToro, on the performance of the Spanish economy in the last quarter of last year and across 2025 as a whole.
“2026 will test whether the Spanish economic model is sustainable amid greater global uncertainty”
Spain’s GDP continues to grow, but what matters is not the figure itself, but the quality of that growth. A 2.8% rate in 2025 (double that of the eurozone) confirms strength, but it also makes clear that the engine is heavily concentrated in domestic demand, consumption and public spending, while the external sector is starting to weigh on growth.
Looking ahead to 2026, the key figure is not the starting point (that +1.1%), but whether this model is sustainable amid greater global uncertainty. Because when growth depends more on domestic factors than on external competitiveness, the margin for error narrows and the cycle becomes more vulnerable.
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