• The RealTimeTracker, our real-time monitoring and forecasting model, estimates that quarterly GDP growth would stand at +0.7% in Q1 2025, easing very slightly compared with recent quarters.
  • This +0.7% growth is driven by the revision of the national accounts and recent investment indicators. Labour indicators (Social Security registrations), demand indicators (retail consumption) and supply indicators (industrial activity and most service sectors) have weighed on it.
  • The carry-over effect from the Spanish economy’s dynamism in 2024 and the likely growth recorded in the first part of the year practically guarantee GDP growth of 2.2% in 2025, which is at the lower end of our current forecast (2.2%-2.6%).

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Fernando Gutiérrez del Arroyo González

Economista especializado en finanzas sostenibles, regulación ESG y análisis regulatorio. Actualmente, director de control interno ESG en Banco Sabadell. Ha trabajado en el Banco de España, en Solchaga Recio & Asociados y Metyis.

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Juan Pablo Riesgo

Socio responsable de EY Insights

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Manuel Hidalgo Pérez

Senior fellow en EsadeEcPol & Universidad Pablo de Olavide

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Jorge Galindo

Director de EsadeEcPol

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Teresa Raigada

Project Manager & Content Curator, EsadeEcPol. Licenciada en Economía y Derecho por la UC3M, Master en Administración Pública por la London School of Economics.

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