MADRID, 27 Oct. (EUROPA PRESS) –
The Spanish economy grew by 0.3% between July and September, which is one tenth less than in the previous quarter, while moderating its interannual rate by two tenths, from 2% in the second quarter to 1.8% in the second quarter. third, due to the lower contribution of domestic demand.
According to the advance National Accounting data published this Friday by the National Institute of Statistics (INE), economic activity was boosted in the third quarter of the year by consumption, compared to the decline in investment and exports and imports.
The Ministry of Economic Affairs highlighted in a statement that the quarterly GDP growth of 0.3% is “very notable data in a context of high international uncertainty and rising interest rates.”
“This data confirms the differential growth of the Spanish economy with respect to the main countries in the euro zone and is in line with the macroeconomic forecasts included in the Budget Plan,” said Economía.
The Department headed, in office, by Nadia Calviño has also stressed that GDP growth in the third quarter “is supported by the strength of national demand”, highlighting the contribution of private consumption, which was boosted “by the profits of purchasing power and the evolution of employment”.
Specifically, household consumption grew by 1.4% between July and September, five tenths more than in the previous quarter and its largest quarterly increase since the summer of 2022. For its part, public spending slowed its progress by one point. quarterly, up to 0.6%.
Investment, for its part, hit the brakes and registered a quarterly decrease of 0.4%, in contrast to the 1.9% increase it experienced in the second quarter of the year. This decline was a consequence, mainly, of the fall in investment in housing by 2.2%, compared to the growth of 3.5% in the previous quarter.
The good evolution of national demand in the third quarter contrasts with the behavior of the foreign sector. Exports fell by 4% quarterly and imports showed a contraction of 3.1%, thus expanding the declines of 3.3% and 2.1%, respectively, that they registered in the previous quarter.
In year-on-year terms, GDP grew by 1.8% in the third quarter, compared to 2% in the second quarter.
According to Statistics, national demand contributed 1.7 points to year-on-year GDP growth in the third quarter, five tenths less than the previous quarter, while external demand contributed two tenths, four tenths more than in the previous quarter.
This advance data has been prepared with statistical indicators that in most cases reach until the second month of the third quarter, that is, until August, so it is subject to revisions.
In today’s statistics, the INE has proceeded to review some data from previous quarters, such as the quarterly and interannual growth of the second quarter, which have been lowered to 0.4% and 2%, respectively.
(((THERE WILL BE AN EXPANSION)))
