Editorial: El Mundo

• Spain closed 2025 with a growth of the GDP of 2.8%, one of the highest in the Eurozone.
• Productivity per worker fell 0.3% last year, indicating a structural weakness in the economy.
• There is extensive growth based on more employment, spending and consumption rather than increased added value.
• Wage income is growing and helps cushion inflation, but without sufficient productive backing, its sustainability is in question.
• Domestic demand explains most of the growth, while the external sector stops contributing and investment loses momentum.

Conclusion: An economy that expands supported by consumption but without all the necessary improvement of its structural capacity is fragile, and this is what Spain's macroeconomic data is hiding.

---