According to the preliminary version of the Annual National Accounts for 2025 released today by the INE, in nominal terms, Gross Domestic Product (GDP) increased by 5.9% in 2025 (7.2% in 2024), reaching approximately €307 billion.

The implicit GDP deflator slowed in 2025 to a rate of change of 3.9%, after growing by 4.9% in 2024.

Domestic demand accelerated in 2025, increasing its contribution to the annual change in GDP from 2.9 percentage points in 2024 to 3.7 percentage points, with an acceleration in final consumption expenditure.

The contribution of net external demand was more negative in 2025, with exports of goods and services slowing down more sharply than imports of goods and services.

In the data released today, the INE (National Institute of Statistics) revised the GDP growth rate for 2024 by 0.1 percentage points, to 7.2% in nominal terms and 2.2% in real terms.

For 2025, the new information incorporated did not imply a change in the annual GDP volume growth (1.9%), released in the rapid estimate for the fourth quarter published by the INE on 30 January.

However, in quarterly terms, the volume growth rates were revised from the first quarter of 2024 onwards, also affecting the 2025 quarters.