IMF Staff Country Reports

Spain: 2025 Article IV Consultation-Press Release; and Staff Report

June 6, 2025

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Format: Chicago

International Monetary Fund. European Dept. "Spain: 2025 Article IV Consultation-Press Release; and Staff Report", IMF Staff Country Reports 2025, 121 (2025), accessed July 19, 2025, https://doi.org/10.5089/9798229012782.002

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Summary

The Spanish economy has been performing strongly, propelled by services exports and labor force growth, including immigration. Growth is projected to reach2.5 percent in 2025, before slowing as its recent drivers normalize. The disinflation process is expected to continue, with headline and core converging close to the ECB’s target by end-2025. Most risks are to the downside, including from a further escalation of trade measures and domestic political fragmentation.

Subject: Expenditure, External debt, Labor, Labor markets, Public debt

Keywords: Article IV consultation discussion, Europe, Gap vis-à-vis, Global, Headline inflation, IMF staff estimate, Labor markets, Productivity-enhancing reform

Publication Details

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