The productivity of the Spanish economy slows again in the third quarter of 2025 as it grows at a rate of 0.8%“Showing a noticeable slowdown compared to the first quarter of 2024, which was almost three times higher than the current quarter.” … As shown in the periodic productivity report prepared by BBVA and Ivie. Productivity growth of less than 1% in the last quarter of 2025 has not been observed since the fourth quarter of 2023. In any case, growth continues, albeit more moderately, and is currently 3.7% higher than the 2000 level.
These records arrive in context GDP growth And increasing the number of jobs, two factors that are not compatible with increasing productivity.
The increase was particularly intense in buildingwith an annual increase of approximately 3%, which is more moderate in the services sector (1.0%). In primary sectors energy and manufacturing, the productivity contribution was negative (-1.4%, -1.9%, -0.8%, respectively). For its part, services show dual behavior, as was the case in previous quarters. While productivity increases more than the average economy in Trade, transport and hospitality (4%) and information and communications (3.7%), and decreases in other sectors (artistic and entertainment activities -2.8%, real estate activities -1.9%).
the working hours They grew intensely at annual rates (2.4%), but investment accelerated further (7.3%) in the third quarter of 2025. A strong increase in investment and employment is driving GDP growth, while improvements in productive efficiency have had a smaller impact.
More than half (51%) of the high GDP growth in the third quarter of 2025 (3.1%) is due to job creation. Its capital contribution increases (23.1%) compared to previous quarters thanks to the acceleration of investment (7.3%). For its part, the productivity contribution slows down compared to 2024 and the first two quarters of 2025, although it is still positive (26%) and slightly higher than the capital contribution.
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