While still relatively impressive, the quarterly growth estimate marks a slight slowdown compared to Q4 2025. That being said, it’s not all too bad considering how economic activity in March is already starting to take a hit from rising energy prices. The pain spread in Spain perhaps is not as significant but still, it will be something that shows up more in Q2 surely.

So, that will be a main worry for the Spanish economy in the months ahead. In the case of the ECB, this was one of the only bright spots they could always rely on. And if Spain starts to run into trouble, it is a signal that the pain will be even more amplified for the likes of Germany and France – who carry a bigger weight.