Productivity in the Spanish economy slows again in the third quarter of 2025 as it grows at a rate of 0.8%“This represents a notable slowdown compared to the first quarter of 2024, which was almost triple the current quarter.” … As shown in the periodic productivity reports produced by the BBVA Foundation and Ivie. Productivity growth of less than 1% in this last quarter of 2025 has not been observed since the fourth quarter of 2023. In any case, growth continues, albeit at a slower pace, and is currently 3.7% above 2000 levels.
These records arrive in the following context: GDP growth rate and an increase in the number of jobs, two factors that are not matched by increases in productivity.
The increase is particularly rapid in constructionan increase of almost 3% year-on-year, with a more modest increase in the services sector (1.0%). In the primary industry, energy In the manufacturing industry, the contribution of productivity is negative (-1.4%, -1.9%, and -0.8%, respectively). Regarding services, we are seeing dual behavior similar to last quarter. While productivity increases above the average for the economy; Commerce, Transportation and Hospitality (4%) and information and communications (3.7%), with declines in other sectors (arts and recreational activities, -2.8%, real estate activities, -1.9%).
of working hours Although growth was rapid (2.4%) year-on-year, investment accelerated further (7.3%) in Q3 2025. While strong increases in investment and employment drove GDP growth, improvements in production efficiency were less effective.
More than half (51%) of the high GDP growth rate (3.1%) in Q3 2025 is due to job creation. Capital contribution (23.1%) was higher than the previous quarter due to accelerated investment (7.3%). On the other hand, the contribution of productivity, although slower than in the first two quarters of 2024 and 2025, remains positive (26%) and slightly exceeds the contribution of capital.
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