Spain faces persistent productivity gap despite economic growth

A new report from the Fundación Rafael del Pino, BBVA Research, and Fedea reveals that while Spain's per capita income has grown faster than eight major European economies over the last twelve years, the country has failed to close its structural productivity gap. Data shows that productivity per hour worked remained at approximately 73.6% of the UE8 average between 2020 and 2025, nearly identical to the 73.5% recorded between 2008 and 2013.

Economic forecasts suggest that while the Spanish GDP is expected to increase by 2.6% in 2026 and 2.1% in 2027, the positive cyclical momentum following the pandemic is slowing. GDP growth per person of working age is projected to return to a historical average of approximately 1% annually by the end of the year.

Separately, the Spanish Chamber of Commerce and Sigma Dos are scheduled to present their 2026 Business Climate Study on October 28. Based on a survey of over 2,000 companies, the report will analyze business forecasts, employment, energy costs, and access to financing.