Spain and Argentina
Spain and Argentina are connected by migration, language, culture and investment, as well as diplomatic relations. Disagreements between governments do not define the whole relationship, which is also sustained by families, businesses and institutions.
Analysis reviewed: 2026-10-06 · Indicators updated: 2026-10-07Bilateral indicators
Blank cells: data unavailable.
| Indicator | Value | Period |
|---|---|---|
| Goods trade | 2,322.2 M EUR | 2025 · Spanish trade |
| Goods: Spain to Argentina | 1,075.7 M EUR | 2025 · Spanish trade |
| Goods: Argentina to Spain | 1,246.5 M EUR | 2025 · Spanish trade |
| Services trade | 2,364 M EURprovisional | 2025 · Eurostat |
| Export share: Spain to Argentina | 0.3 % | 2025 · Spanish trade |
| Export share: Argentina to Spain | ≈ 1,4 % | 2025 · INDEC |
| Investment stock: Spain in Argentina | 43,522.94 M EUR | 2023 · Foreign affairs |
| Investment stock: Argentina in Spain | 10,057.6 M EUR | 2023 · Foreign affairs |
Definitions and sources
Trade adds both directions. Shares refer to the country’s total goods exports; investment is an accumulated stock, not an annual flow. Every figure retains the currency and period of its source. BEA positions are historical-cost estimates based on the immediate counterpart, not market values or investment by ultimate owner. ‘More than’ indicates a lower bound, not an exact amount. A recorded stock does not establish new activity or authorisation to operate under sanctions.
- Goods trade
- 2025 · Spain's State Secretariat for Trade · Calculated by adding Spanish exports and imports.
- Goods: Spain to Argentina
- 2025 · Spain's State Secretariat for Trade
- Goods: Argentina to Spain
- 2025 · Spain's State Secretariat for Trade
- Services trade
- 2025 · Eurostat / national statistical agency · Services exports and imports under BPM6, Spanish reporting. Credits 1690 + debits 674 M EUR. This is neither the balance nor the sales of local affiliates. Source flags: p, p.
- Export share: Spain to Argentina
- 2025 · Spain's State Secretariat for Trade / Customs · Published share, rounded to one decimal place, of Spanish goods exports for January–December 2025. Spanish reporting. This is not the partner's share of imports. Its year may differ from other trade rows.
- Export share: Argentina to Spain
- 2025 · INDEC / National Directorate of External Sector Statistics · Argentine exports to Spain / Argentine exports to the world, both for January–December 2025 and from INDEC. Published amounts rounded to millions of USD are used; the share is approximate. Neither the December-only figure nor Spain's mirror reporting is used.
- Investment stock: Spain in Argentina
- 2023 · Spain's Ministry of Foreign Affairs · Spanish investment stock in Argentina. Not to be confused with the gross flows of 578 M EUR for 2024 shown on the same source page.
- Investment stock: Argentina in Spain
- 2023 · Spain's Ministry of Foreign Affairs · Argentine investment stock in Spain; not an annual flow.
Investment sectors
Spain in Argentina: Oil and natural gas extraction, Financial services, Iron and steel, Telecommunications, Retail trade. 2023 · Foreign affairs
Argentina in Spain: Iron and steel, Support activities for extractive industries, Activities auxiliary to financial services, Financial services. 2023 · Foreign affairs
Country comparison
Period and source beside each figure · est. = estimate by the stated institution.
Year-on-year inflation: different periods or frequencies; the two figures are not directly comparable.
| Indicator | Spain | Argentina |
|---|---|---|
| Nominal GDP | 1.91 trillion USD2025 · WB | 683.1 billion USD2025 · WB |
| GDP per capita | 38,627.25 USD2025 · WB | 14,898.09 USD2025 · WB |
| GDP growth | 2.82 %2025 · WB | 4.37 %2025 · WB |
| Policy interest rate | 2.5 %2026-09-16 · BCE | No single rate · BCRA |
| Inflation · annual average | 2.7 %Annual average · 2025 · WB | 41.9 %IMF est.Annual average · 2025 · IMF |
| Inflation · latest year-on-year figure | 4.9 %provisionalprovisionalYear-on-year · Sept. 2026 · INE | 33.5 %Year-on-year · Aug. 2026 · INDEC |
| Unemployment | 10.38 %ILO est.2025 · WB | 7.15 %ILO est.2025 · WB |
| Budget balance (% of GDP) | -2.5 %IMF est.2025 · IMF | -0.4 %IMF est.2025 · IMF |
| Gross public debt (% of GDP) | 100.4 %IMF est.2025 · IMF | 80.3 %IMF est.2025 · IMF |
| Current account balance (% of GDP) | 2.94 %2025 · WB | -1.11 %2025 · WB |
| Population | 49,355,1432025 · WB | 45,851,3782025 · WB |
| Area | 505,976 km²2023 · BM / FAO | 2,780,400 km²2023 · BM / FAO |
| Military expenditure | ||
| Military expenditure (% of GDP) |
Definitions, dates and sources
Blank cells are not zero. Average annual inflation and the latest year-on-year figure appear in separate rows: they are not the same measure. Every annual indicator retains its reference year; when the years differ, the figures are identified as not directly comparable. When a figure is unavailable from the World Bank, an annual IMF estimate is used and identified as such. The latest year-on-year figure is the latest official release verified as of 7 October 2026. This includes advance releases marked as provisional. Mexico may have a fortnightly figure before the full month is published; it is not automatically compared with a monthly figure. The publication date is retained in each source’s details; it does not replace the observation period or the annual average. Policy rates carry their own dates and represent different instruments. Spain and France share the ECB rate. Balances are positive for surpluses and negative for deficits. The IMF may use fiscal years; unemployment retains each source’s definition (ILO estimates, IMF WEO or PCBS), as stated in the details. For Palestine, debt and the fiscal balance cover central government and retain the PCBS definition; they are not presented as consolidated general government. These are economic magnitudes, not measures of relationship quality.
Area retains each source’s territorial coverage; it does not determine sovereignty or effective control. Canada uses an archived national geographic reference. Military expenditure retains the 2024 SIPRI sample distributed by the World Bank: the amount and percentage of GDP use that same definition, which differs from NATO’s. It is not an approved budget or a 2026 figure. Information from the Stockholm International Peace Research Institute (SIPRI). Military expenditure database · Terms of use0
Indicators reviewed: 2026-10-07. Each source retains its original access date; this review does not turn all the data into 2026 observations. Figures may be revised.
- Nominal GDP
- Current USDSpain: 2025 · World BankArgentina: 2025 · World Bank
- GDP per capita
- Current USD per personSpain: 2025 · World BankArgentina: 2025 · World Bank
- GDP growth
- Annual real change (%)Spain: 2025 · World BankArgentina: 2025 · World Bank
- Policy interest rate
- Central bank instrument (%)Spain: 2026-09-16 · ECB deposit facility; shared euro-area rate · European Central BankArgentina: The BCRA abandoned the concept of a single monetary-policy rate under the new monetary-aggregates framework. It is not replaced with TAMAR, BADLAR, court interest rates or the last historical rate. · Central Bank of the Argentine Republic
- Inflation · annual average
- Average annual change in headline CPI (%)Spain: 2025 · Annual average change in CPI (%) · World BankArgentina: 2025 · Annual average change in headline CPI (%) · IMF — World Economic Outlook · IMF est. · WEO estimate; not the year-on-year change for December or August 2026. · Alternative official source; verified 2026-10-07
- Inflation · latest year-on-year figure
- Headline CPI relative to the same period of the previous year (%); monthly or fortnightly frequency statedSpain: 2026-09 · Change in headline CPI from the same month of the previous year (%) · Spain's National Statistics Institute (INE) · Published: 2026-09-29 · provisional · Provisional · Advance indicator of headline CPI; final results pending. Not HICP (5.0%) or core inflation (3.1%). Provisional data or an official advance release; subject to revision.Argentina: 2026-08 · Change in headline CPI from the same month of the previous year (%) · Argentina INDEC · Published: 2026-09-10 · Original INDEC national report; replaces the previous link to its social-media publication without changing the value. Not the monthly change (1.7%) or cumulative change (21.3%).
- Unemployment
- % of the labour force; definition used by the stated institutionSpain: 2025 · World Bank · ILO est.Argentina: 2025 · World Bank · ILO est.
- Budget balance
- General government (% of GDP)Spain: 2025 · IMF — World Economic Outlook · IMF est.Argentina: 2025 · IMF — World Economic Outlook · IMF est.
- Gross public debt
- General government (% of GDP)Spain: 2025 · IMF — World Economic Outlook · IMF est.Argentina: 2025 · IMF — World Economic Outlook · IMF est.
- Current account balance
- % of GDPSpain: 2025 · World BankArgentina: 2025 · World Bank
- Population
- PeopleSpain: 2025 · World BankArgentina: 2025 · World Bank
- Area
- Total area in km²; territorial coverage of the sourceSpain: 2023 · Total area, including inland waters; territorial coverage as defined by the source · World Bank · FAOArgentina: 2023 · Total area, including inland waters; source's territorial coverage · World Bank · FAO
- Military expenditure
- Current USD per year; SIPRI series
- Military expenditure (% of GDP)
- Percentage of GDP; SIPRI definition, not NATO’s definition
Other data specific to this relationship
What they buy and sell
Documented selection, not an exhaustive list. Cells without a figure do not mean zero value; some products are identified without a verified amount.
Spain to Argentina
Argentina to Spain
Connections between people
Language and family and cultural ties sustain a social relationship that transcends diplomatic crises. The INE figure refers to Argentine nationals residing in Spain: it does not measure the entire community of Argentine origin, especially those who also hold Spanish nationality. [1] National Statistics Institute (INE)
Residents, study and travel
Blank cells: data unavailable. Each measure retains its definition and period.
| Indicator | Value | Period / source |
|---|---|---|
| Residents from Spain living in ArgentinaSpanish nationality; PERE | 543,971 | 2026-01-01 · INE / PERE |
| Residents from Argentina living in SpainNationality; resident census | 148,585 | 2025-01-01 · INE / Census |
| Study and training: Spain in Argentina | ||
| Study and training: Argentina in SpainInternational students; tertiary education (levels 5–8) | 2,657 | Academic year ending in 2024 · Eurostat |
| Academic stays: Spain in Argentina | ||
| Academic stays: Argentina in Spain | ||
| Travel: Spain to ArgentinaResidents aged 15+; main destination; overnight stays | 138,469tripsestimate | 2025 · Eurostat |
| Travel: Argentina to Spain |
What each figure measures
Residents are counted by nationality and the coverage of the stated register, not as people born in the other country or as new arrivals in one year. PERE includes dual nationals and people born outside Spain. Study with OPT and stays carrying academic credit are different measures. Travel may include several visits by the same person; FRONTUR arrivals require an overnight stay, whereas the Canadian survey includes day visits. These figures are neither added together nor automatically compared across directions.
- Residents from Spain living in Argentina
- Spanish nationals registered as residents in Argentina in consular registers. Includes dual nationals and people born outside Spain. New registrations may result from birth, naturalisation, previous omission or emigration, not only moves from Spain. 2026-01-01 · INE / PERE
- Residents from Argentina living in Spain
- INE annual census; not the population born in Argentina or new arrivals during 2025. 2025-01-01 · INE / Census
- Study and training: Argentina in Spain
- Enrolment of internationally mobile students, classified by country of origin under the reporting country's UOE definition. Not a general passport-based count; excludes short-term credit mobility. Does not include OPT. Source flag: no flag. Academic year ending in 2024 · Eurostat
- Travel: Spain to Argentina
- Tourism demand survey: trips, not unique people. Includes personal and professional purposes; a multi-destination trip is assigned to its main destination. Excludes children under 15 and trips without an overnight stay. Source flag: u. 2025 · Eurostat
Mobility data added or reviewed: 2026-10-07. Reference periods may be earlier.
Underlying ties
History, institutions and long-standing issues.
A relationship between societies
The joint statement of October 2024 highlights human, social and cultural ties, as well as membership of the Ibero-American Community. The shared language facilitates academic, cultural and professional exchanges. This foundation explains why the relationship continues beyond cycles of affinity between leaders. [1]
The role of business
The Spanish country profile highlights Spain's historical position as a significant investor in Argentina. Investment should be distinguished from trade: a business can have assets, workers and customers in another country without those operations being fully captured by customs. Accumulated capital, new annual flows and business revenues are different measures. [5]
The Ibero-American dimension
The joint statement identifies the Ibero-American Community and relations between the European Union and Mercosur as areas for expanding cooperation and exchanges. This is a political agenda as well as a bilateral one: the outcome of negotiations between blocs may change trade opportunities, but announcing an objective does not replace an agreement in force. [1]
Recent developments
Recent developments and latest available data · Reviewed: 2026-10-06
What they buy and sell
In 2025 Spain exported goods worth 1,075.7 million euros to Argentina and imported 1,246.5 million. Calculated trade amounts to 2,322.2 million. These figures exclude services and investment: they are part of the economic relationship, not its entire value. [4]
The official Spanish profile, with the composition for 2024, describes diversified exports of machinery, vehicles, electrical equipment and pharmaceutical products. Purchases from Argentina are concentrated in agricultural and fishery products, including food-industry residues, fish and oils. Sectoral complementarity helps explain the relationship better than an isolated total figure. [5]
The 2024 crisis and rapprochement
In May 2024, the Spanish government withdrew its ambassador after remarks by Javier Milei in Madrid that it considered offensive to its institutions. In October, a joint statement announced the appointment of a Spanish ambassador and a commitment to strengthen trust and respect. This sequence distinguishes a diplomatic crisis from a permanent rupture of all ties. [6] [1]
Representation and economic activities
The Spanish register lists representation in Buenos Aires. Argentina's embassy in Spain carries out economic promotion, such as the EXPOCON 2026 invitation for institutions and investors. These activities connect public authorities and businesses, although an invitation does not demonstrate completed investments or actual participation in a fair. [2] [3]
Milestones and consequences
- 2017-02
Renewal of international cooperation
The memorandum promotes technical cooperation and public policies, a channel distinct from commercial investment. Spain's Ministry of Foreign Affairs
- 2024-05-21
Withdrawal of the ambassador
Spain withdraws its ambassador over the political disagreement, without erasing family, business or cultural ties. [6]
- 2024-10-29
New ambassador and statement
The appointment of an ambassador and the joint statement initiate an institutional rapprochement after the crisis. [1]
- 2026
Economic promotion
Argentina's embassy publicises opportunities to participate in EXPOCON. [3]
Sources and data
Periods and scope of the figures
The trade total is a calculation in this article. Volumes refer to 2025 and sectoral composition to 2024. Spain's position as an investor comes from a historical profile and is not presented as a ranking updated in real time.
- Spain–Argentina statement on the appointment of Spain's ambassador to Argentina
Spain's Ministry of Foreign Affairs · Institutional source · Document: 2024-10-29 · Accessed: 2026-10-06
- Ambassadors
Spain's Ministry of Foreign Affairs · Institutional source · Accessed: 2026-10-06
- Embassy in Spain | EXPOCON 2026: Knowledge Economy, innovation and investment in Tucumán
Embassy of Argentina in Spain · Institutional source · Accessed: 2026-10-06
- Foreign trade: country table, January–December 2025
Spain's State Secretariat for Trade · Institutional source · Accessed: 2026-10-06
- Argentina profile: trade, investment and bilateral relations
Spain's Ministry of Foreign Affairs · Institutional source · Accessed: 2026-10-06
- Announcement of the withdrawal of Spain's ambassador
La Moncloa · Institutional source · Document: 2024-05-21 · Accessed: 2026-10-06
Additional sources on products and human connections
- National Statistics Institute (INE)
2025-01-01 · Accessed: 2026-10-06 · Foreign population by nationality, not country of birth.
- Spain's Ministry of Foreign Affairs
2025 · Accessed: 2026-10-06 · Section 3.2, page 4; commodity chapters exported and imported in 2025.