During the first quarter of 2026, the Spanish economy continues to develop positively, albeit with signs of moderation with respect to the rates observed in previous phases. The latest National Accounts data, corresponding to the fourth quarter of 2025, put the year-on-year change in GDP at 2.61 Q3Q3, one tenth of a percentage point lower than in the previous quarter. In this context, domestic demand continues to act as the main support for activity, in an environment conditioned by the increase in geopolitical uncertainty and the deterioration in the external scenario.
