According to forecasts by Mapfre Economics, Spain’s economy will grow by 2.3% in 2026, while growth is expected to slow to 2% in 2027. Mapfre’s analytical department believes that Spain will demonstrate more dynamic development than other major European countries, mainly due to domestic demand, employment and investment. Inflation in Spain will stand at 3.4% this year and 2.1% next year; these figures are slightly lower than those considered by the company in its previous studies.
Mapfre Economics notes that macroeconomic and financial risks in Spain are more moderate than in other EU countries. However, its experts warn that Spain remains exposed to various vulnerabilities and that the short-term outlook is mainly associated with downside risks.
Main risks to the Spanish economy
Continued geopolitical tensions could create renewed pressure on prices and negatively affect consumption and investment. Inflation continues to have a particular impact on areas such as housing, transport and services, although the forecast points to a slowdown in 2027.
At the same time, Spain continues to stand out from other European countries not only in terms of economic growth but also in investment attractiveness. It was previously noted that in 2026 Spain will remain a priority destination for foreign real estate investment.
Global economic outlook
At the international level, Mapfre’s research department expects the global economy to grow by 3% in 2026 and 3.1% in 2027. Global inflation will stand at 3.8% this year and decline to 3.1% next year.
Meanwhile, the US economy will grow by 2.1% this year and 2% in 2027. The report states that the country’s main vulnerability is the state of its public finances, due to a high government deficit and debt that already exceeds 120% of gross domestic product.
Outlook for the eurozone and other regions
Forecasts for the eurozone are more restrained: its GDP is expected to grow by 1% in 2026 and 1.2% in 2027. Against this backdrop, Spain’s figures look noticeably stronger. The IMF has also described Spain as a “pillar” of the eurozone.
Latin America will post growth of 1.9% and 2.1%, respectively, while the Asia-Pacific region will maintain growth rates of 4.6% and 4.5%.
