Spain's gross domestic product shrank 9.1 percent year-on-year in the fourth quarter of 2020, following a 9 percent contraction in the third quarter and compared to market expectations of a 10.8 percent drop, a preliminary estimate showed. In 2020, Spain recorded its worst ever annual economic contraction, with output falling 11 percent from 2019's level, not far from a government projection for an 11.2% decline. source: National Statistics Institute (INE)

GDP Annual Growth Rate in Spain averaged 1.65 percent from 1996 until 2020, reaching an all time high of 5.40 percent in the first quarter of 2000 and a record low of -21.60 percent in the second quarter of 2020. This page provides the latest reported value for - Spain GDP Annual Growth Rate - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. Spain GDP Annual Growth Rate - data, historical chart, forecasts and calendar of releases - was last updated on February of 2021.

GDP Annual Growth Rate in Spain is expected to be 0.40 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate GDP Annual Growth Rate in Spain to stand at 4.50 in 12 months time. In the long-term, the Spain GDP Annual Growth Rate is projected to trend around 2.00 percent in 2022, according to our econometric models.

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Spain GDP Annual Growth Rate

Actual Previous Highest Lowest Dates Unit Frequency
-9.10 -9.00 5.40 -21.60 1996 - 2020 percent Quarterly

Calendar GMT Actual Previous Consensus TEForecast
2020-09-23 07:00 AM YoY Final Q2 -21.5% -4.2% -22.1% -22.1%
2020-10-30 08:00 AM YoY Flash Q3 -8.7% -21.5% -12.2% -12.3%
2020-12-23 08:00 AM YoY Final Q3 -9% -21.6% -8.7% -8.7%
2021-01-29 08:00 AM YoY Flash Q4 -9.1% -9% -10.8% -10%
2021-03-26 07:00 AM YoY Final Q4 -9% -9.1% -9.1%
2021-04-30 07:00 AM YoY Flash Q1
2021-06-24 07:00 AM YoY Final Q1
2021-07-30 07:00 AM YoY Flash Q2

Spain GDP Annual Growth Rate
On the expenditure side, household consumption is the main component of Spain's GDP (58 percent), followed by gross fixed capital formation (21 percent) and government expenditure (18 percent). Within investments, tangible fixed assets account for 18 percent of GDP, including construction (10 percent) and machinery, equipment and weapon system (7 percent); and intellectual property products account for the remaining 3 percent. Exports of goods and services account for 34 percent of GDP while imports account for 31 percent, adding 3 percent of total GDP.