The International Monetary Fund (IMF) expects that the gross domestic product (GDP) of Spain will continue to lead in 2026 and 2027 the advance among the large economies of the eurozone. According to its new projections, the Spanish economy will register a growth of 2.5% in 2026 and 1.8% in 2027, accompanied by an average inflation of 3.7% and 2.7%, respectively.
In its report "World Economic Outlook," the organization led by Kristalina Georgieva has revised upwards by four tenths its forecast for expansion for Spain this year, to 2.5%, after the 2.6% estimated for 2025, while it keeps the growth calculated for 2027 unchanged at 1.8%.
With this adjustment, the IMF approaches the projection of the Spanish Government, which at the end of June raised its forecast for GDP growth for the current year to 2.6%. However, the international organization continues to show a more cautious outlook for the next year, as the Executive is confident in a 2.2% increase in 2027.
In any case, the IMF again places Spain as the most dynamic large economy in the European Union, with a growth in 2026 more than double the 1.1% it estimates for the whole of the eurozone, a bloc that would advance by 1.2% in 2027. Compared to previous projections, the eurozone improves its estimate for this year by two tenths and keeps the one for 2027 unchanged.
Thus, the Spanish GDP will continue to clearly increase above the rest of the large euro partners. The IMF expects Germany to grow by 1.3% in 2026 and 1.1% in 2027; France, by 0.4% and 0.7% in those years, respectively; while Italy would register an increase of 0.8% this year and 0.6% the next.
In terms of prices, the IMF estimates that the average inflation in Spain will reach 3.7% in 2026, seven tenths higher than in its spring report and above the 3.1% forecast for the whole of the eurozone. For 2027, the organization expects a moderation, with a rate of 2.7% in Spain, compared to the 2.8% average in the eurozone.
On the other hand, the new forecasts from the institution based in Washington maintain the Spanish unemployment rate at 9.8% both this year and next, below the 10.5% estimated for 2025, but still clearly higher than the 6.3% projected, on average, for the eurozone in both years.