Two months before the general elections on 29 November, the Spanish economy maintains a year-on-year growth of 2.6% and 22.44 million affiliates to Social Security, but faces a deficit of 750,000 homes and stagnant productivity.
The Spanish economy faces the general elections on 29 November with a year-on-year growth of 2.6% in the second quarter of 2026 and an unemployment rate of 9.87%, according to the latest data from the INE collected by forbes.es. Employment reaches 22.44 million affiliates to Social Security, 739,888 more than a year earlier, but productivity per hour worked has decreased by 0.2% and the housing deficit stands at 750,000 units.
GDP growth is supported by domestic demand, which contributed 3.5 points, while the external sector subtracted 0.9 points. Household consumption increased by 3.5% year-on-year and investment (gross fixed capital formation) by 5%. Spain thus maintains a positive differential compared to the main European economies, although the end of European funds from the Recovery Plan opens a phase of lower external stimulus.
The labour market shows a mixed picture. Social Security closed September with 22.44 million affiliates, but registered unemployment rose by 23,587 people compared to the previous month, reaching 2.38 million, due to the regularisation of unemployed foreigners. The EPA raises the number of employed to 22.78 million and the unemployed to 2.50 million. Spain continues to lead unemployment in the EU, with a harmonised rate of 10% in October, ahead of Finland (9.9%), Sweden (8.9%) and France (8.2%).
The resident population reached 49.8 million as of 1 July, a historical maximum, with an increase of 444,205 people in a year. All the growth comes from those born abroad: 10.29 million people born outside now reside in Spain, while the population born in Spain decreased in the second quarter. The main nationalities of those arriving between April and June were Colombian, Venezuelan, and Moroccan.
Housing concentrates one of the largest imbalances. Prices rose by 12.2% year-on-year in the second quarter, with second-hand homes skyrocketing by 12.9% and new homes by 7.4%. The Deputy Governor of the Bank of Spain, Soledad Núñez, estimated the current deficit at 750,000 homes and warned that without corrective measures it will exceed one million by 2028. Only 31% of young people aged 18 to 34 live independently without family support, with an average age of emancipation above 30 years.
Productivity is another weak point. Hours actually worked grew by 2.8% year-on-year, above GDP, which caused a drop in productivity per hour of 0.2% and an increase of only 0.4% per full-time equivalent job. The next Government will inherit an economy with solid growth, but with pending issues in housing, productivity, and public accounts.
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