The National Accounts Institute (ICN) released its detailed annual national accounts for 2025 on October 14, 2026. Economic growth stood at 0.9%, similar to the previous year. Value added decreased in sectors such as energy production, Horeca, and cultural and recreational services. While industry saw a decline, its contraction was less pronounced than in 2024, partly due to the recovery of the food, metallurgical, chemical, and pharmaceutical industries. Specialized, scientific, and technical services, healthcare, and public services supported activity, as did construction, driven by the non-residential segment and civil engineering.
Job creation remained sluggish, with a 0.4% increase representing 21,400 additional jobs. Over two-thirds of these creations are attributed to self-employed individuals (+1.6%), while wage employment grew by only 0.2%. The total volume of work remained stable, leading to a further reduction in average working time per person.
Household consumption, up 1.4%, contributed nearly half of the economic growth. This increase was supported by spending on financial and insurance services, housing, and clothing purchases, with an increasing fraction occurring via e-commerce. Conversely, spending on tobacco, alcoholic beverages, and restaurant services decreased, partly due to higher prices. Public consumption rose by 2.2%, influenced by civil servant remuneration and healthcare.
Investments showed zero growth in 2025, despite contrasting dynamics. Business investments increased by 1.4%, driven by digitalization and significant real estate and banking projects. Public investments rose by 2.4%, spurred by major infrastructure projects and the defense sector. However, household housing investments declined by 6.7%, affected by fewer building permits and rising interest rates.
Foreign trade weighed on activity, with stagnant exports of goods and services (-0.1%) and a slight increase in imports (0.4%). Net exports contributed negatively to growth (-0.4 percentage points). The deterioration of the external balance stemmed from merchandise trade, particularly energy products. Services trade grew by 1.5%, driven by financial services and royalties.
Public finances worsened again, with the budget deficit reaching 5.2% of GDP, up from 4.4% in 2024. Primary expenditures increased, bringing their ratio to 52.2% of GDP. Interest charges also rose for the third consecutive year. The revenue ratio contracted to 49.2% of GDP, mainly due to a decrease in corporate tax. Public debt stood at 108.1% of GDP, an increase of about 4 percentage points from the previous year.
