The productivity of the Spanish economy was turned off in the last quarter | The economy

The The Spanish economy continues to grow With a good rhythm, but it makes more effort and less skill. The country is growingYes, but not so much because it has become more effective to maintain their resources, but to take more hands to work and allocate more money to invest. Productivity, on the other hand, suffers.

BBVA Foundation and Valencian Institute for Economic Research (IVIE) study 2025 first quarterClearly explains it. The overall productivity of the factors (PTF), the US capital and the work of producing the value of the work -is, how much wealth can be achieved without adding more resources, only to maintain them -increased by 0.9% compared to the same period in the previous year. Although the figure is positive, It refers to the fall Pronounced (about 40% low) compared to the annual average of 2024, when the capacity improvement according to the Observatory of Productivity and Competition in Spain is 1.45%.

This is a obvious break in the highest trend in 2024 An increase in productivity He also hit 2% in the third quarter. Improvement has been stopped since then, flirting with stagnation. It ends from 0.9% rebounds, between October and December last year and early 2025.

This weakness also reflects the distribution of factors that describe economic growth. According to the Observatory, GDP between January and March 3.1% year -on -year -year -old, which indicates the extra value of gross, because there are no indirect taxes and concessions on products. In that progress, almost half of employment is due to the pressure of employment, measured in the hours of working. Comes from about quarter Investment in capital -Mantras, technology or infrastructure, “and only 29.4% are described by productivity improvements.” This is an important cut of the average of 2024, depending on the more efficient in the national growth.

This report captures with a clear warning: “The virtue of economic growth based on improvements in the manufacturing capacity observed from mid-2023 and in 2024.” And even if the toys are not negative, the brake is concerned. In a country with high structural unemployment rate and many requirements Public and private investmentIt is more efficient than multiplying resources as it grows. Therefore, it is not a good news to lose the importance of increasing through improvements in the “document” productive efficiency. “

Productivity is also detected when analyzing what is happening in the day of companies and workers. Although employment continues to grow stronger – Hours worked 2% In the first trimester, in accordance with previous years – and with an increase of 4%, that power is not translated into more effective use of energy sources. Labor productivity – how much is produced per hour every hour – 1%, equivalent data with the previous quarter, but clearly lower than 2024 maximums like 2.3% last summer. As a result, the productivity of capital – the ability to use machines, infrastructure or technology – is more modest: it has only increased by 0.6%, which is weak from 2022.

Sector Gap

Productivity break does not beat all sectors. There are activities that improve their potential, while others will clearly go back. According to the data of the first quarter, agriculture leads to the progress of the first quarter of 3.5% increase in productivity. This is followed by a 1%increase in the average of the services and manufacturing industry, the economy. But not all sectors have stopped well: the construction and fuel sector can be maintained at a negative rate.

If the vision is extended Statistics since 2000Panorama is more uneven. Together, the Spanish economy has improved its capacity by over 3% over the past 25 years, leaving other European countries.

This advance also hides very different paths. The agriculture and manufacturing industry acted in great achievements, accumulated productivity increased by almost 30%. At the opposite intensity, again, there are energy and structure, where productivity has fallen more than 40%, respectively, from the beginning of the century.