Spain
Everything Palanor holds about Spain, in one place: 280 public signals, what its economy runs on, how often America’s largest companies name it, the news that names it, and Country Posture. Every figure is computed from stored readings and carries its source and date.
EuropeEuropean UnionEuro AreaOECD
The latest read
- GDP in current U.S. dollars: $1,906 billion (2025); record high since 1960; 1y +10.5%.
- Real GDP growth: 2.82% (2025); 42nd percentile since 1961; 1y −0.64 pts.
- Consumer price inflation: 2.67% (2025); 27th percentile since 1960; lowest since 2020; 1y −0.1 pts.
- Unemployment: 10.4% (2025); 13th percentile since 1991; lowest since 2007; 1y −1.02 pts.
- Household consumption, share of GDP: 55.6% of GDP (2025); 7th percentile since 1990; highest since 2022; 1y +0.2 pts.
- Net exports, share of GDP: 3.82% of GDP (2025); 88th percentile since 1990; lowest since 2022; 1y −0.34 pts.
- S&P 500 companies naming it on earnings calls: 3.72% of companies (2026-10-21); 4th percentile since Dec 2021; lowest since Oct 25, 2024; 1y −0.76 pts.
Country Posture
What Spain’s economy is doing
Momentum
2025Inputs only. Did not pass the pre-registered back-test: 1996–2009: AUC 0.590 below 0.60; AUC 0.590 below the single-input baseline (0.624); 2010–2022: AUC 0.595 below 0.60; AUC 0.595 below the single-input baseline (0.641).
Inputs
| Real GDP growth | 2.8 |
| Growth against its three-year average | -1.3 |
| Change in unemployment | -1.0 |
| Change in the employment rate | 0.2 |
| Export volume growth | — |
| OECD leading indicator | — |
Resilience
202550Moderate buffers
0 = thin buffers · 100 = deep buffers
Moved most by reserves, months of imports (up) and current account (down) since the year before.
Inputs
| Interest as a share of revenue (2024) | 6.5 | 54 |
| Budget balance (2024) | -3.2 | 39 |
| Reserves, months of imports | 2.0 | 48 |
| Current account | 2.9 | 84 |
| Governance (WGI mean) | 0.73 | 39 |
| External debt | — | — |
Pressure
2025Inputs only. Did not pass the pre-registered back-test: 1996–2009: AUC 0.657 below the single-input baseline (0.672).
Inputs
| Inflation | 2.7 |
| Change in inflation | -0.1 |
| Currency move against the dollar | -4.3% |
| Conflict deaths per million | 0.0 |
| Political stability | 0.18 |
| Private credit, three-year change (2024) | -24.2 |
| Bond spread over U.S. Treasuries | -1.1 |
Posture describes what an economy is doing; it is not a rating and never ranks countries. Each input is read against the country’s own history and against every other economy that year. An axis shows a score only after passing a back-test fixed before any result was computed. Method and back-test.
Country Schemas
Where Spain is in its cycles
Where Spain sits in eight long cycles, each read from published statistics against a method fixed before any reading was computed. A stage describes; it is not a rating, and no stage is better or worse than another.
- Development stage
High mass consumption99% · 2025
Pre-take-offTake-offDrive to maturityHigh mass consumption20002025
- Demographic stage
Declining98% · 2025
High stationaryEarly expandingLate expandingLow stationaryDeclining20002025
- Debt cycle stage
Deleveraging87% · 2025
Early cycleLeveragingLate cycleDeleveraging20002025
- External balance stage
Debt repayer75% · 2025
Immature debtorMature debtorDebt repayerImmature creditorMature creditorCredit disinvestor20002025
- Export structure stage
Manufacturing exporter94% · 2025
Commodity-reliantDiversifyingManufacturing exporterComplex exporter20002025
- Structural pressure
Building65% · 2025
LowBuildingHighAcute20002025
- Middle-class stage
Affluent99% · 2025
Pre-middle-classEmerging middle classMiddle-class majorityAffluent20002025
- Electoral cycle
Pre-election99% · 2026-10
Post-electionMid-termPre-election2020-012026-10
Passport reach
Where a Spain passport opens doors
The share of world GDP, outside Spain itself, in the economies whose published rules let a holder of this passport in, as of October 2026. Palanor records the rules of destinations holding 88% of world GDP, from each government’s own list, and weights them by World Bank GDP for 2025. Rank is among 199 passports.
Work
35.8%rank 14 of 199
the right to work (free movement in full; treaty and working-holiday routes at half); 30 destinations in full, 6 at half.
Recorded changes
Investment migration programs
- Residence visa/authorisation for investors (golden visa), Ley 14/2013 arts. 63-67 residence · ClosedGovernment minimum $561,550 for one person (agent fees excluded).
Reach is shown here and not weighted into Country Strength: it rewards membership of a free-movement area or a treaty more than the strength of an economy. Entry is always at the border officer’s discretion, and conditions (length of stay, fees, age limits) vary. Method, sources and the full ranking: Passports and citizenship.
Palanor calculation from each destination government's published rules; GDP weights from the World Bank (CC BY 4.0), one year for the whole line, so it moves only when a list changes.
GDP by expenditure
What Spain’s economy runs on
In 2025, household spending was 55.6% of GDP, government consumption 19.2%, investment 21.4% and net exports +3.8% (exports 36.6%, imports 32.8%).
World Bank national accounts. The parts can miss 100 by a few points (the statistical discrepancy).
Same World Bank definition for every country, so the shares compare directly: What each economy runs on.
IMF World Economic Outlook
The IMF’s outlook for Spain
The latest year before the October 2026 edition (often still an IMF estimate) and the IMF’s own projections. These are the IMF’s published forecasts, shown as published; Palanor does not project them further. Since the previous edition the IMF raised its growth forecast for this year by 0.4 percentage points (Palanor calculation).
| Measure | 2025 | 2026 IMF f’cast | 2027 IMF f’cast | 2031 IMF f’cast |
|---|---|---|---|---|
| Real GDP growth% | 2.6 | 2.5 | 1.8 | 1.7 |
| Inflation, average consumer prices% | 2.7 | 3.7 | 2.7 | 2.0 |
| Unemployment rate% of labor force | 10.5 | 9.8 | 9.8 | 10.0 |
| GDP, current US dollarsUS$ bn | 1,909 | 2,085 | 2,193 | 2,568 |
| GDP at purchasing-power parityintl $ bn | 2,833 | 3,002 | 3,152 | 3,637 |
| GDP per person, US dollarsUS$ | 38,595 | 41,756 | 43,508 | 49,410 |
| Current account balance% of GDP | 3.2 | 2.6 | 2.0 | 1.6 |
| Government gross debt% of GDP | 100.5 | 97.6 | 95.2 | 89.4 |
| Government net debt% of GDP | 86.0 | 82.1 | 80.2 | 75.8 |
| Government overall balance% of GDP | -2.4 | -2.4 | -2.3 | -2.1 |
| Government primary balance% of GDP | -0.5 | -0.2 | -0.1 | 0.2 |
| Government net interest paid% of GDP · Palanor calc. | 1.9 | 2.1 | 2.2 | 2.3 |
Source: IMF World Economic Outlook Database (edition on the projection). Dashed: the IMF's published projection.
Source: IMF World Economic Outlook Database (edition on the projection). Dashed: the IMF's published projection.
Source: IMF World Economic Outlook Database, October 2026. Provided by the IMF “as is” and free of charge from the IMF; the IMF does not endorse Palanor. Net interest paid is a Palanor calculation: the IMF's primary balance minus its overall balance.
Charts
The headline series
Discourse
How often S&P 500 companies name Spain
17 of 445 S&P 500 companies named Spain on an earnings call in the 90 days to 2026-10-21. 2.7% list it in the risk factors of their latest 10-K. Names only, counted by fixed rules set before any document was read; a mention says the country came up, not why.
Conflict
Organized violence
News
In the news
- Isabel Allende wins Spain's Planeta Prize for novel
Chilean novelist wins Spain's most lucrative literary award for La hora antes del alba, a sequel to her acclaimed La casa de los espíritus.
Palanor Wire2026-10-16positive · +wins
- Spain's royals visit Ceuta amid Morocco border tensions
Spain's monarchs made their first visit to the contested African enclave since taking the throne, following a surge of migrants from Morocco.
Palanor Wire2026-10-13neutral
- Europe: Germany appoints labour minister as Spain election looms
A German ministerial change, Franco-German cooperation calls, and Spanish political polarization
Palanor Wire2026-10-12neutral
- Spanish octogenarian whose eviction sparked protests dies
The 87-year-old woman at the center of Spain's housing protests has passed away.
Palanor Wire2026-10-07negative · -protests
- Spain's Sánchez calls snap election after housing defeat
Spain's Prime Minister calls early election for November 29 after parliament rejects housing decrees amid growing protests.
Palanor Wire2026-10-06neutral
- Sánchez calls snap election after housing crisis setback
Spain's Prime Minister called snap elections after his minority government suffered a housing setback, with polls showing Socialists trailing rivals.
Palanor Wire2026-10-05negative · -crisis
- Europe is emerging from one of its worst wildfire seasons on record. Deadly blazes this year ripped through countries including Spain, France and Greece, forcing hundreds of thousands to evacuate and burning 699,000 hectares — an area more than four times the size of London reut.rs/3WpaVZX
Reuters · Bluesky2026-10-22positive · +record
- Spain hunts hidden metals with $223M plan
MINING.COM2026-10-21neutral
- Antitrust watchdog launches probe into Spain's Exolum over potential abuse reut.rs/4BhccCj
Reuters · Bluesky2026-10-21negative · -probe
- Immigration has strained public services across the Iberian peninsula. Register for free to learn what Spain could learn from Portugal’s approach
The Economist · Bluesky2026-10-21neutral
- Earlier this year Spain’s Socialist prime minister, Pedro Sánchez, irritated other EU governments by announcing an amnesty for immigrants without papers. The move could prove politically unsustainable
The Economist · Bluesky2026-10-20neutral
- Spain’s Andalucia courts miners with faster permits
MINING.COM2026-10-19neutral
- Insight: Spain's rush to clear Ceuta migrant backlog raises rights concerns reut.rs/4ivsv6b
Reuters · Bluesky2026-10-19neutral
- Woman dies after being swept away by river as torrential rains batter Spain reut.rs/4dMzC8E
Reuters · Bluesky2026-10-18neutral
Headlines that name Spain, matched by name with fixed rules (a wrong match is worse than a missing one). Tone is read from each headline’s own words; no model reads or summarizes an article, and other publishers’ stories link out.
Company graph
Companies headquartered in Spain
Palanor’s company graph holds 490 entities headquartered here, 1 with a listed ticker (GLEIF headquarters address, else legal address).
- BANCO BILBAO VIZCAYA ARGENTARIA, S.A.BBVA · BILBAO
Signals
Every series about Spain
Grouped by theme, the most-read first. All 280 in the Library.
Growth and output10 of 72
- GDP per Person, Historical (Maddison): Spain100th percentile since 1; highest since 2019; 1y +4.8%34,1232022
- Population, Historical (Maddison): Spainrecord high since 1; 1y +0.6%47,625,400 people2022
- GDP, Historical (Maddison): Spain99th percentile since 1; highest since 2019; 1y +5.5%1,625.12022
- Spain · GDP · USD bn (current)record high since 1960; 1y +10.5%$1,906.5bn2025
- Spain · Real GDP Growth · % y/y42nd percentile since 1961; 1y −0.64 pts2.82%2025
- Spain · Country Strength74th percentile since 1990; highest since 2007; 1y +3.5%68.8 index2025
- Spain · GDP per Capita · PPP USDrecord high since 1990; 1y +3.1%59,868 usd2025
- Spain: Share of World GDP at Market Exchange Rates24th percentile since 1990; highest since 2018; 1y +0.066 pts1.61% of world GDP2025
- Spain: Share of World GDP Minus Share of World Population26th percentile since 1990; highest since 2018; 1y +0.065 pts1.012025
- Spain: Share of World Population13th percentile since 1990; highest since 2020; 1y +0.001 pts0.6% of world population2025
Prices4 of 6
- Spain Consumer Price Index (OECD)record high since Jan 2010; 1y +4.9%133.1 index2026-09-01
- Spain Inflation Rate (CPI, % y/y, OECD)91st percentile since Jan 2011; highest since Feb 2023; 1y +1.90 pts4.92% y/y2026-09-01
- Spain Purchasing Power Since 2019 (100 = January 2019)record low since Jan 2019; 1y −4.7%77.32026-09-01
- Spain · Inflation · CPI % y/y27th percentile since 1960; lowest since 2020; 1y −0.1 pts2.67%2025
Jobs and people at work7 of 8
- Spain · Unemployment Rate (OECD Harmonised, Monthly)8th percentile since Apr 1986; 1y −0.5 pts10% of labour force2026-08-01
- Spain Unemployment Rate (Monthly, Eurostat)12th percentile since Jan 2000; 1y −0.5 pts10%2026-08-01
- Spain — Avg annual hours worked per worker3rd percentile since 1950; 1y −0.9%1,638 hours/year2023-06-30
- Average annual hours worked · Spain4th percentile since 1990; lowest since 2020; 1y −0.7%1,632.7 hours2025
- Spain · Female Labor Force Participation · %92nd percentile since 1990; 1y −0.37 pts52.8%2025
- Spain · Male Labor Force Participation · %4th percentile since 1990; lowest since 2020; 1y −0.5 pts62.2%2025
- Spain · Unemployment Rate · %13th percentile since 1991; lowest since 2007; 1y −1.02 pts10.4%2025
Money, rates and credit1 of 2
- Spain 10-Year Government Bond Yield (Monthly)33rd percentile since Jan 1980; highest since Oct 2023; 1y +0.657 pts3.92%2026-09-01
Stock market and listed companies2
- Spain Share Prices (OECD, 2015 = 100)100th percentile since Jan 1985; 1y +30.6%181.72026-09-01
- Spain Share Prices, Change Over a Year (OECD)83rd percentile since Jan 1986; lowest since May 2026; 1y −2.03 pts30.7% y/y2026-09-01
Government and debt10 of 23
- Spain · Budget Balance · % GDP (central govt)37th percentile since 1972; 1y −0.9-3.16 pct_gdp2024
- Spain · Interest · % of Revenue (central govt)44th percentile since 1972; highest since 2019; 1y +0.18 pts6.54%2024
- Spain · Public Social Spending: Total (% of GDP)90th percentile since 1980; lowest since 2019; 1y −0.06 pts25.9% of GDP2024
- Spain · Interest · % of Expense (central govt)50th percentile since 1972; highest since 2019; 1y +0.03 pts5.91%2023
- Spain · Public Social Spending: Family (% of GDP)96th percentile since 1980; 1y −0.04 pts1.48% of GDP2021
- Spain · Public Social Spending: Health and Disability (% of GDP)96th percentile since 1980; 1y −0.43 pts10.4% of GDP2021
- Spain · Public Social Spending: Old Age and Survivors (% of GDP)96th percentile since 1980; 1y −0.56 pts12.7% of GDP2021
- Spain · Public Social Spending: Other Social Policy (% of GDP)96th percentile since 1980; 1y −0.14 pts1.45% of GDP2021
- Spain · Public Social Spending: Unemployment (% of GDP)58th percentile since 1980; 1y −1.02 pts2.35% of GDP2021
- Spain · 10-Year Government Bond Yield · annual avg29th percentile since 1990; 1y +0.066 pts3.22%2025
Trade and capital flows7 of 8
- Spain · Nights at Tourist Accommodation (monthly)record high since Jan 1990; 1y +0.5%75 million nights2026-08-01
- Spain · Net International Investment Position (IMF)65th percentile since Jan 1999; 1y +22.82$-806bn2026-04-01
- Spain · Current Account · % GDP95th percentile since 1975; 1y −7.2%2.95 pct_gdp2025
- Spain · Net International Investment Position, % of GDP (IMF)50th percentile since 1981; 1y −6.07 pts-44.4% of GDP2025
- Spain · Share of Tourist Nights by Visitors from Abroad (annual)76th percentile since 1990; highest since 2018; 1y +0.34 pts64.1% of nights2025
- Spain · Tourism Intensity: Nights per Resident (annual)record high since 1990; 1y +0.5%10.42025
- Spain · International Tourist Arrivalsrecord low since 1995; 1y −71.1%36,410,000 arrivals2020
Energy and resources10 of 23
- Spain · Business Electricity Price (incl. taxes) · € per kWh78th percentile since Jul 2007; 1y −5.0%0.16 € per kWh2026-01-01
- Spain · Household Electricity Price (incl. taxes) · € per kWh86th percentile since Jul 2007; lowest since Jul 2024; 1y −3.9%0.25 € per kWh2026-01-01
- Spain · Bioenergy Share of Electricity Generation85th percentile since 2000; highest since 2022; 1y +0.03 pts2.23% of generation2025
- Spain · Carbon Intensity of Electricity6th percentile since 2000; 1y +4.9%153.5 gCO2e/kWh2025
- Spain · Coal Share of Electricity Generationrecord low since 2000; 1y −0.6 pts0.32% of generation2025
- Spain · Electricity Generation67th percentile since 2000; highest since 2012; 1y +2.5%288 TWh2025
- Spain · Gas Share of Electricity Generation44th percentile since 2000; 1y +2.91 pts21.5% of generation2025
- Spain · Hydro Share of Electricity Generation60th percentile since 2000; 1y −0.87 pts11.4% of generation2025
- Spain · Hydro, Bioenergy and Other Renewables Share of Electricity Generation63rd percentile since 2000; 1y −0.86 pts13.6% of generation2025
- Spain · Nuclear Share of Electricity Generation10th percentile since 2000; lowest since 2009; 1y −0.62 pts18.8% of generation2025
Conflict and geopolitics7 of 13
- U.S. Active-Duty Troops in Spain (DMDC)record high since Sep 2008; 1y +7.4%3,972 persons2026-08-31
- Spain · Organized-Violence Deaths (UCDP, annual)record low since 1989; 1y unchanged0 deaths2025
- Spain · State-Based Conflict Deaths (UCDP, annual)record low since 1989; 1y unchanged0 deaths2025
- Spain · Governance · WGI six-dimension meanrecord low since 1996; 1y −5.9%0.73 index2025
- Spain · Political Stability · WGI46th percentile since 1996; highest since 2021; 1y +19.5%0.18 index2025
- Spain · Regulatory Quality · WGIrecord low since 1996; 1y −25.8%0.42 index2025
- Spain · Rule of Law · WGIrecord low since 1996; 1y −4.3%0.87 index2025
Defence1
- Spain defence spending — % of GDP (Eurostat COFOG)18th percentile since 1995; 1y unchanged0.9 pct of GDP2024
Aid in and out2
- Spain · Foreign Aid (Official Development Assistance) · US$ billionsrecord high since 2015; 1y +18.2%5.14 US$ billions2025
- Spain · ODA as % of GNI81st percentile since 2018; highest since 2022; 1y +0.02 pts0.27% of GNI2025
Migration4 of 6
- International Migrant Stock: Spain (UN)record high since 19908,870,527 people2024
- International Migrants as a Share of Population: Spain (UN)record high since 199018.5% of population2024
- U.S.-Born People Living in Spain (UN)record high since 199068,613 people2024
- Change in Migrant Share of Population Since 2000: Spain (UN)13.62024
AI stance and technology7 of 8
- Spain · R&D Spending per Person · € per inhabitantrecord high since 1981; 1y +5.8%492.42024
- Spain · R&D Spending · % of GDPrecord high since 1995; 1y +0.01 pts1.5% of GDP2024
- Spain · R&D Spending · % of GDPrecord high since 1996; 1y +0.0868 pts1.49% of GDP2023
- AI User Share: Spain (Microsoft AI Diffusion)1y +5.40 pts45.1% of people aged 15-642026-06-30
- AI Optimism Lean · Spain (Pew)1y −3.70 pts29.1%2026
- More Concerned Than Excited About AI · Spain (Pew)1y unchanged39%2026
- More Excited Than Concerned About AI · Spain (Pew)1y −3.00 pts16%2026
Climate and the physical world10 of 12
- Spain CO₂ Emissions (Global Carbon Budget)83rd percentile since 1830; 1y +2.3%220.3 Mt CO₂2024
- Spain Cumulative CO₂ Emissions (Global Carbon Budget)record high since 1830; 1y +1.4%15.7 Gt CO₂2024
- NO2 Pollution Hotspots: Spain (Sentinel-5P, monthly)47th percentile since May 2018; highest since Mar 2026; 1y +12.7%2.072026-09-01
- NO2 Pollution: Spain (Sentinel-5P, monthly)67th percentile since May 2018; highest since Mar 2026; 1y +22.6%1.42026-09-01
- Spain · Arable Land · % of landrecord low since 1961; 1y −0.23 pts22.8% of land area2024
- Spain · Renewable Freshwater · m³ per personrecord low since 1961; 1y −0.7%2,3272022
- Spain · Forest Area · % of landrecord high since 1990; 1y +0.06 pts38.2%2024
- Spain · PM2.5 Exposure · µg/m³7th percentile since 1990; 1y +2.3%9.69 µg/m³2020
- Spain · Plastic Emitted to the Ocean by Rivers · tonnes per year (2015)216.7 t/yr2015
- Spain · Share of Global River Plastic Emitted to the Ocean · % (2015)0.02% of world2015
Health and living standards10 of 20
- Births: Spainrecord low since 1950; 1y −0.8%336,8212023
- Deaths: Spain95th percentile since 1950; lowest since 2019; 1y −7.1%447,4632023
- Fertility Rate: Spain14th percentile since 1950; highest since 2019; 1y +0.7%1.212023
- Median Age: Spainrecord high since 1950; 1y +1.2%44.9 years2023
- Population Aged 65 and Over: Spainrecord high since 1950; 1y +0.466 pts20.7% of population2023
- Population: Spainrecord high since 1950; 1y +0.2%47,911,580 people2023
- Spain · Life Expectancy at Birth · years98th percentile since 1960; 1y −0.1%83.9 years2024
- Spain · Access to Electricity · % of populationrecord high since 1990; 1y unchanged100%2024
- Spain · Antidepressants: Daily Doses per 1,000 Peoplerecord high since 1992; 1y +1.8%1092025
- Spain · Anxiolytics (Anti-Anxiety Drugs): Daily Doses per 1,000 People66th percentile since 1992; lowest since 2013; 1y −4.9%52.82025
Sentiment and attention1
- Spain · Search Attention58th percentile since Sep 2021; lowest since Dec 28, 2025; 1y −22.2%21 index2026-09-20
More about this country1 of 17
- Spain · Total Reserves incl. Gold (IMF)99th percentile since Dec 1950; 1y +6.8%$123.5bn2026-07-01
Peers
Elsewhere in Europe
Alphabetical. Palanor does not rank countries.
AlbaniaAndorraAustriaBelarusBelgiumBosnia and HerzegovinaBulgariaCroatiaCzechiaDenmarkEstoniaFaroe IslandsFinlandFranceGermanyGibraltarGreeceGuernseyHungaryIcelandIrelandIsle of ManItalyJerseyKosovoLatviaLiechtensteinLithuaniaLuxembourgMaltaMoldovaMonacoMontenegroNetherlandsNorth MacedoniaNorwayPolandPortugalRomaniaRussiaSan MarinoSerbiaSlovakiaSloveniaSwedenSwitzerlandUkraineUnited KingdomVatican City