Family consumption maintains the growth of the Spanish economy despite the shock of the war in Iran

BarcelonaThe Spanish economy held its ground in the first quarter of this year, despite the negative impact caused by the outbreak of the war in Iran and the consequences on energy markets and international trade. Household spending allowed the country's gross domestic product (GDP, the indicator that measures the size of an economy) to maintain the good figures of the last three years, according to the National Statistics Institute (INE) reported this Thursday.

Thus, the INE has confirmed the growth figures for the first quarter that had already advanced preliminarily at the end of April. Specifically, Spanish GDP expanded by 2.7% compared to the first quarter of 2025 and by 0.6% compared to the fourth quarter of last year.

Due to the conflict in the Persian Gulf, which began on February 28, the external sector registered a fall, which was largely offset by the strength of domestic demand, particularly household consumption and, to a lesser extent, public administrations. Investment slowed during the quarter, but remained well above the previous year's levels.