The economy of Spain continues to surprise its own and strangers, with a growth of 3.5% year -on -year of GDP (compared to 3.2% expected) which multiplies by three to the euro zone. In quarterly terms, GDP has advanced 0.8%, according to advanced estimates of the National Statistics Institute. JP Morgan economists pointed out a few days ago that the extraordinary behavior of the economy of Spain (a third of all euro growth) was partly due to the expansion of the labor market, product of the easy and rapid integration of citizens arriving from Latin America. Their cultural affinity with the Spaniards and the qualification of a part of them is allowing a notable advance of productivity and, therefore, of GDP in Spain. This same week it has been known that the occupation has marked a new record in Spain and the unemployment rate has fallen to 10.61%.
Funcas experts had already been pointing to a good quarter quarter based on advanced indicators and labor market data: “As for the last quarter of the year, the available indicators pointed to GDP growth that exceeds forecasts again. In the industry, both the IPI and the PMI remain above the previous quarter. These experts in a report published a few days ago.
Also, the different components of the sales indicator of large companies point to a vigorous start of the fourth quarter. Finally, positive signals are observed. In general, it seems that the impact of Valencia floods on the available indicators has been limited, despite the fact that the harmed areas represent around 1.7% of the national GDP. All this information taken as a whole allows you to anticipate an intertrimestral growth of 0.8% GDP in the fourth quarter of 2024.
The Spanish economy was already showing surprisingly positive behavior in 2024, with an year -on -year growth of 3% in the first three quarters, while the Eurozone registered a 0.6% advance in the same period, that is, Spain more than triples the growth of the euro zone. In the third quarter, GDP registered an intertrimestral advance of 0.8%, above the expected and the same magnitude as in the second quarter.
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