Business · Economy · 3 hrs ago
Spain’s productivity growth revised down to 0.4%, council chair says
Spain’s productivity growth was revised down after the National Statistics Institute updated its national accounts.
Juan Francisco Jimeno, who chairs Spain’s Productivity Council, says productivity per hour grew by an average of 0.4% a year from 2022 to 2026.
That is below the 0.5% average recorded from 2014 to 2019, and half the rate officials had previously expected.
The earlier picture of a productivity rebound may not be real, Jimeno says.
Productivity matters because it supports growth in income per person and helps fund public services.
The council will review its earlier assessment to reflect the revised figures, Jimeno says.
He expects the next report to come out after the elections, when the council can speak more directly.
Spain’s productivity growth for 2022-2026 was revised down to 0.4% a year, Juan Francisco Jimeno, chair of Spain’s Productivity Council, said.
The revised rate is below the 0.5% annual average recorded from 2014 to 2019.
Jimeno said earlier figures suggesting productivity was growing at close to 1% a year now look like an “illusion” rather than a confirmed trend.
He said the council’s 17 members would review its first report to reflect the revised data.
Jimeno said higher productivity supports growth in per capita income.
- Who
- Juan Francisco Jimeno, chair of Spain’s Productivity Council, discussed the revised figures.
- What
- Productivity growth was revised to 0.4% a year for 2022-2026.
- When
- The revised figures cover 2022-2026. The interview was published on October 25, 2026.
- Where
- Spain.
- Why
- The National Statistics Institute revised its national accounts, lowering the productivity growth estimate.
This story does not have two clearly opposing sides.
Carlos Cuerpo brought economist Juan Francisco Jimeno onto Spain’s Productivity Council.
The council published its first report.
After the National Statistics Institute’s revisions, productivity growth for this period was put at 0.4% a year.
El Mundo published its interview with Jimeno about the revised productivity figures.
- Revised productivity growth
- 0.4% a year for 2022-2026
- Earlier period
- 0.5% annual average growth from 2014 to 2019
- Prior estimate described by Jimeno
- Close to 1% annual productivity growth
- Council size
- 17 members
- Council chair
- Juan Francisco Jimeno
What people are saying
The whole story of the rebound and structural change seems, for now, more like an illusion than a consolidated reality.
When the data change, I change my mind.
If the INE says productivity is growing less than we thought, we will have to adapt our reading.