Economics & Markets

We expect the Spanish economy to grow by 2.0% in 2027, a strong rate but lower than in 2026, mainly due to the lagged impact of this year’s energy shock. In this article we examine the drivers of GDP growth, the factors holding it back and the main risks to the outlook.

We examine recent trends in household income, consumption and saving, as well as the outlook for 2026 and 2027 as a whole in a context marked by the war in Iran, higher inflation and considerable global uncertainty.