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26 June | Euro

Spanish economy expanded 0.6% in the first quarter

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EURGBP
EURUSD
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Spanish economy expanded 0.6% in the first quarter

Spain’s economy slowed to 0.6% in the first quarter of 2025 compared to the previous period, as geopolitical instability and uncertain US trade policy fuel concerns about global GDP growth, Reuters reports.

Spain’s economy expanded 2.8% year-on-year, the National Statistics Institute (INE) confirmed, matching the preliminary April estimates.

In June, the Bank of Spain revised down its 2025 GDP growth forecast from 2.7% to 2.4%. Nevertheless, this figure remains well above the eurozone's projected 0.9% economic expansion, Reuters notes.

France and Italy have also downgraded their GDP growth forecasts to 0.6%, while Germany revised its projection down to 0.9%.

Bank of Spain Governor Jose Luis Escriva attributed these developments to the ongoing trade tensions between the US, China, and the EU.

Elena Dorokhina MarketCheese

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