The Chamber of Commerce of Spain has highlighted the "resilience" shown by the productive activity of the national economy in the third quarter of 2026, despite an "particularly complex" external scenario. According to the advance of the Quarterly National Accounts released this Friday by the National Statistics Institute (INE), GDP registered a year-on-year increase of 2.7%.
The institution underscores that, despite the continuation of various sources of uncertainty, the pace of growth of Spanish GDP remains high if compared with that of the main economies in the European environment. In this context, the Chamber maintains its growth projections of 2.5% for the whole of 2026 and 1.9% for 2027.
The Chamber warns that the evolution of inflation is emerging as one of the elements that will most condition the course of the economy in the short and medium term. It recalls that geopolitical tensions, especially in the Middle East and also in Ukraine, continue to represent an important risk focus for international energy markets.
According to its forecasts, the average annual inflation in 2026 will stand at 3.2%, although it estimates that it will remain around 4% in the coming months, which will reduce households' consumption capacity in the short term.
At the same time, the Chamber highlights that job creation continues to act as one of the fundamental pillars of the growth of the Spanish economy. All the same, it considers that the increase in productivity must be a "strategic priority" to consolidate that advance.
In this context, the organization maintains that Spanish economic policy must focus on strengthening the medium- and long-term growth potential, fostering a framework that favors both activity and business investment. To this end, it considers it "prioritary" to facilitate the increase in the size of companies, boost productive investment and promote innovation.