Outlook for the Spanish economy 2025-2026: Where will the demand for managerial talent be?

The Spanish economy faces 2025-2026 with growth prospects above the European average, although in an environment of uncertainty marked by trade protectionism, the appreciation of the euro and domestic challenges such as housing shortages.

According to Funcas, GDP will grow by 2.3% in 2025 and 1.6% in 2026, while CaixaBank Research projects a similar evolution, with rates of 2.4% and 2.0%, respectively. This is a path of moderation after the remarkable 3.2% reached in 2024, but one that confirms the resilience of the Spanish economy in the face of the international context.

The reports point to a clear sectoral segmentation:

1. 1 – Sectoral drivers of growth

• High value-added services (ICT, professional and administrative services): they will grow above average (around 3.3%-3.7% in ICT and more than 4% in professional services). Digitalization and technological adoption will support the creation of new management positions linked to digital transformation, innovation and cybersecurity.
• Pharmaceutical industry: after an increase of 8.8% in 2024, it is expected to grow by +5% in 2025 and +7% in 2026, consolidating itself as a strategic driver. Leadership profiles in R+D, global operations and access to markets will be required.
• Tourism: maintains a solid pace (around 3.5% per year), thanks to savings in sending countries and the normalisation of inflation in the euro area. The sector will continue to demand managers in customer experience, sustainability and diversification of the offer.
• Agri-food and primary sector: will grow strongly in 2025 (6.6% and 4.0%, respectively), driving the need for leaders capable of managing more efficient and sustainable supply chains.
• Construction and real estate: supported by the reduction in interest rates and the execution of European funds, they will show a rebound. The structural housing deficit (estimated at more than 600,000 units) augurs strong activity in the coming years, generating opportunities in project management, urban development and financing.

2. 2 – Sectors in difficulty

At the opposite extreme, the textile and paper industry will continue to show weak growth, below 1.5% annually. Retail trade will also suffer, with growth of around 1.3%-1.5%, impacted by digital competition and changes in consumer habits.

Implications for senior management?

For boards and steering committees, this data reinforces three key messages:

1. 1. Talent will move towards sectors with higher added value. Managers with experience in innovation, digitalization and change management will be especially in demand.
2. 2. Sustainability will be a cross-cutting criterion. From construction to agri-food, projects linked to energy efficiency and regulatory compliance will need leaders capable of leading the change.
3. 3. The global context demands resilience. Protectionism, tariffs and international volatility make it necessary to strengthen skills in risk management, internationalisation and multicultural operations.

In short, Spain will maintain growth above the European average, but with risks that cannot be ignored: protectionist pressure, the housing deficit or public debt. In this context, the most dynamic sectors – ICT, professional services, pharmaceuticals, agri-food, construction and tourism – will concentrate most of the opportunities, but also the greatest challenges.

For boards and management teams, the challenge will be to anticipate: attract leaders capable of taking advantage of the expansionary cycle in these sectors, while managing global volatility and internal bottlenecks. Companies that strengthen their management teams now with resilient, innovative profiles with an international vision will be better prepared to transform uncertainty into sustained growth.