The Executive Board of the International Monetary Fund (IMF) completed the Article IV Consultation for Spain. Spain’s economy has remained robust, growing at 2.8 percent in 2025 as a pickup in domestic demand and investment offset subdued net exports. On the supply side, strong immigration has underpinned labor force gains, unemployment has further declined slightly, and productivity growth has been stronger than prior to COVID-19. Amid a strong economy and labor market, headline inflation has proven sticky, hovering around 2.5–3 percent before the war in the Middle East due to persistent core and services inflation. [...]