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Finance

Spain's quarterly growth slows down, still solid at 0.6%

Published by Global Banking and Finance Review

Posted on April 29, 2025

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(Reuters) -Spain's economic growth slowed down slightly to a still solid 0.6% in the first quarter, staying well ahead of euro zone peers, as the construction and services sectors lost some steam, the National Statistics Institute (INE) said on Tuesday.

The growth was lower than a revised 0.7% in the previous three-month period, INE's preliminary data showed, and below 0.7% expected by analysts polled by Reuters. The INE revised the quarterly growth in the fourth quarter 2024 from an original 0.8%.

It said heavy industries and manufacturing sectors kept expanding fast, while construction and services moderated. The economic slowdown coincided with an unemployment increase in the quarter to 10.36%.

On an annual basis, Spain's first-quarter economic output expanded 2.8%, compared to an average estimate of 3.1% according the Reuters poll.

Despite the growth moderation, Spanish economy contrasts with other large European countries such as France and Italy, which are expecting a 0.1% first-quarter growth respectively, and Germany whose government anticipates zero growth for the full 2025.

The Spanish government expects a 2.6% growth this year.

(Reporting by Tiago Brandao, editing by Inti Landauro)