Spain Stock Market Cap to GDP stands at 68.06% as of December 2025, up from 43.69% a year earlier. The reading sits in the 74th percentile of its history back to 1975.
| Latest (December 2025) | 68.06% |
| One year ago | 43.69% |
| 10-year range | 43.69% – 68.06% |
| All-time range | 5.70% (1982) – 121.88% (2007) |
| Standing | Highest since 2014 |
| Change over 5 years | +9.2 pts — bottomed at 43.69% in 2024 |
| Percentile vs. full history | 74th |
| History | 1975–2025 (50 observations) |
Spain's total stock-market capitalization as a percentage of GDP - the per-country version of the so-called Buffett indicator. Because listed-market depth differs hugely across countries, the level only means something against Spain's own history: well above its historical range suggests a rich market, well below suggests a cheap one. Annual World Bank data, so it moves slowly - which is exactly why it anchors the valuation pillar of the tailwinds score rather than trying to time anything.
<iframe src="https://www.tacticalassetallocation.com/charts/spain-market-cap-gdp/embed.html" width="800" height="360" loading="lazy" style="border:1px solid #ddd;border-radius:8px"></iframe>
<a href="https://www.tacticalassetallocation.com/charts/spain-market-cap-gdp/">Spain Stock Market Cap to GDP — Cambria Chart Lab</a>
Data: download CSV (source: World Bank World Development Indicators).