He Gross Domestic Product (GDP) of the country has grown by 0.8% in the third quarter of the year, the same figure as in the second quarter. In this way, the data remains stable for most of the year. This quarter’s growth is mainly due to public spending, which advanced at a rate of 2.5%.
Likewise, the indicator reflects an interannual growth of 3.3%, one tenth more than in the previous quarter, but below what was reported at the end of October, when a rate of 3.4% was expected. This is clear from the National Accounts data, published this morning by the National Statistics Institute (INE).
National demand, for its part, contributes one point to the quarterly GDP growth. External demand, in contrast, reduced the figure by 0.2%. By demand aggregates, on the other hand, household final consumption grew by 1.2%, while that of Public Administrations increased by 2.5%.
Exports of goods, for their part, presented a quarter-on-quarter rate of 0.4%in line with that of the previous quarter. As for imports, these varied by 0.9%, with five tenths of an increase compared to the previous quarter.
Year-on-year data
Regarding the interannual growth of the indicator, national demand contributed with 2.8% to GDP growth. External demand, which reduced the data in the quarterly data, contributes half a point to its growth at an annual level.
Household consumption accelerated four tenths, presenting a rate of 3.0%. That of Public Administrations, for its part, grew by 5.1%, increasing one point compared to the previous quarter. Exports grew by 4.3% year-on-year, as well as imports, more moderate, by 3.2%.
As the data reflects, the Spanish economy accumulates 17 consecutive quarters with quarterly increases, as well as 14 quarters of interannual progress.
The GDP also reflects data from productivity and work. Along these lines, the number of hours actually worked increased by 0.9% year-on-year this quarter. In quarter-on-quarter terms, it increases two tenths. Full-time equivalent jobs, meanwhile, increased by 1.4% this quarter, and hourly productivity by 2.5%
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